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State Representative John Benson
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-9934
For more information contact: Ted Modrich 651-296-5809
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REP. BENSON CO-AUTHORS BILL TO RESTORE MARKET VALUE HOMESTEAD CREDIT
ST. PAUL, MN – State Representative John Benson (DFL – Minnetonka) is co-authoring a bill to restore the Market Value Homestead Credit for Minnesota homeowners.
Last session, the Republican majority in the legislature pushed hard for and won elimination of the credit, which had benefited 95 percent of homeowners in Minnesota. All versions of the Republican tax bills starting in March eliminated the credit and after a prolonged government shutdown, the provision became law in the final budget agreement.
"I voted against eliminating the Homestead Credit because middle-class homeowners and small businesses can't afford to pay higher property taxes when they are fighting just to stay in their homes and worrying that they may lose their jobs or lose their small businesses," Rep. Benson said.
The Homestead Credit reduces property taxes by as much as $304 a year for homes valued below $414,000. The credit will be eliminated next year and the property tax increase will be reflected on the Truth-in-Taxation statements that go out this fall.
“Property taxes have skyrocketed over the last decade — increasing by over $3.5 billion — and our area pays some of the highest property taxes in the entire state," Rep. Benson said. “In a time where our economy is struggling and people have already had to deal with rising property taxes, trying to provide some relief should have been a no-brainer.”
The Republican majority replaced the Homestead Credit with a complicated, non-transparent program called the Homestead Market Value Exclusion. The exclusion program allows some homeowners to exclude some of the value of their home from their tax assessments, but will then force other property taxpayers to make up the difference.
“This new exclusion program will do nothing other than shift who pays property taxes and disproportionately hurts small businesses already struggling with high property taxes,” said Rep. Benson. “I will continue working to restore common-sense tax relief and invite all my colleagues, Democrats or Republicans, to join me.”
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