Thousands of low-income families in Minnesota can see up to $3,590 in property tax refunds.
State lawmakers are proposing a refund relief program to help overloaded residents with their property tax bill.
The Minnesota House Property Tax Department is reviewing two bills making their way through the statehouse.
offers come as inflation Reaching new heights in February – Emphasis on household budget.
Housing prices continue to rise which means Property Taxes are also increasing.
property tax Minnesota are administered at the district level.
State lawmakers, however, are working to boost the size of most Minnesotans’ estate tax refunds.
more money for most
The OneHouse bill would increase the maximum refund to $500 for all income categories currently eligible for the property tax credit.
Also, it will push the income limit to get a refund from your current $126,290 to $155,000.
The bill will also increase the exemption amount for claimants who are senior or disabled.
State Representative Kristin Bahner said: “This bill has three main goals,
“To help our seniors age, to help with the expenses of a growing young family, and to help people with disabilities live in their homes, where they feel stable and independent.”
For households with household incomes less than $46,720, the maximum refund will increase to $3,590 from the current $3,090.
The maximum refund will decrease sequentially by income, but will exceed $500 under current law.
Those whose household income exceeds $126,290, who are currently ineligible for a refund, will top the maximum refund of $350 for those with a household income of $155,000.
A second bill is being considered with a companion bill, which will also increase the maximum refund, but only from $300, not $500.
This would limit withdrawal eligibility to $126,290 of household income.
State Representative Cheryl Yuakim said: “I know a lot of members are receiving emails from constituents asking for a little help with their property taxes.
“Maybe it’s a young family trying to make ends meet with rising child care costs or school debt.
“Maybe from someone who is trying to decelerate and face the crazy housing market or is trying to age.
“This bill is a good place to start.”
The proposals are still in the initial stages.
Once passed, it will go to state Senate committees for any amendments and approval before the bill can go ahead.
we have a tax preparation checklist To get organized before filing your federal tax return.
Other than this, 10 Tax Credits to Cut Your Federal Tax Bill Or increase your refund to $47,200 this filing season.
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