Establishes a property tax credit for senior citizens in Minnesota, effective from 2026.

The bill establishes a property tax credit for senior citizens in Minnesota, effective beginning with property taxes payable in 2026. To qualify, the property must be owner-occupied and classified as a homestead. The credit applies to property owned by individuals who are retired at the normal retirement age or under a mandatory retirement law, with at least one spouse being 65 years of age or older. The credit is calculated based on the difference between the net tax on the property and the net tax computed on property with the median market value.

Establishes a property tax credit for senior citizens in Minnesota, effective from 2026.

The bill establishes a property tax credit for senior citizens in Minnesota, effective beginning with property taxes payable in 2026. To qualify, the property must be owner-occupied and classified as a homestead. The credit applies to property owned by individuals who are retired at the normal retirement age or under a mandatory retirement law, with at least one spouse being 65 years of age or older. The credit is calculated based on the difference between the net tax on the property and the net tax computed on property with the median market value.