Establishes a senior citizen credit for property taxes in Minnesota for eligible homeowners.

The bill establishes a senior citizen credit for property taxes in Minnesota for eligible homeowners. To qualify, the property must be owned and occupied as a homestead by a person aged 65 or older, and the total household income must not exceed $96,000. The credit amount is calculated based on the net tax on the property for the previous year, up to a maximum of $500. The credit is applied to reduce the net property tax payable to local taxing jurisdictions.

Establishes a senior citizen credit for property taxes in Minnesota for eligible homeowners.

The bill establishes a senior citizen credit for property taxes in Minnesota for eligible homeowners. To qualify, the property must be owned and occupied as a homestead by a person aged 65 or older, and the total household income must not exceed $96,000. The credit amount is calculated based on the net tax on the property for the previous year, up to a maximum of $500. The credit is applied to reduce the net property tax payable to local taxing jurisdictions.