Property tax provisions modified, and senior citizens' property tax deferral requirements modified.

This bill updates the rules for Minnesota's senior citizens' property tax deferral program, which allows eligible homeowners to postpone paying their property taxes. To qualify, the property must be a primary residence owned by someone aged 65 or older, with a spouse aged 62 or older if married. The legislation raises the maximum household income limit from $60,000 to $96,000 and reduces the required ownership period from 15 years to five years. Additionally, the bill maintains restrictions on existing liens, requiring that total debt secured by mortgages and other liens cannot exceed 75% of the home's estimated market value. These changes apply to tax applications filed for 2024 and later.