Senior citizens' property tax credit established, and money appropriated.

HF 551 establishes a property tax credit for Minnesota seniors to reduce their local property tax burden. It directly affects homeowners aged 65 or older (or married couples where one spouse is 65+ and the other is 62+) who own and occupy their primary residence as a homestead. The credit equals the difference between a senior’s actual property tax and the median tax for similar homes in their municipality, capped at a set amount. Seniors must apply annually by July 1, and the state reimburses local governments for the credit through the commissioner of revenue, effective for taxes payable in 2026.