Establishes a redevelopment area homestead credit for certain properties in Minnesota.

The bill establishes a redevelopment area homestead credit for properties classified as 1a or 1b under section 273.13, subdivision 22, located in a second-class city designated as a redevelopment area by the U.S. Department of Commerce. The credit is equal to 70 percent of the property's net tax capacity multiplied by the city capital debt tax rate. The bill also requires county auditors to determine the credit amount and certify it to the commissioner of revenue. The commissioner must then reimburse local taxing jurisdictions for the tax reductions.

Establishes a redevelopment area homestead credit for certain properties in Minnesota.

The bill establishes a redevelopment area homestead credit for properties classified as 1a or 1b under section 273.13, subdivision 22, located in a second-class city designated as a redevelopment area by the U.S. Department of Commerce. The credit is equal to 70 percent of the property's net tax capacity multiplied by the city capital debt tax rate. The bill also requires county auditors to determine the credit amount and certify it to the commissioner of revenue. The commissioner must then reimburse local taxing jurisdictions for the tax reductions.