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State Representative Linda Slocum
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-7158
For more information contact: Ted Modrich 651-296-5809
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REP. SLOCUM CO-AUTHORS BILL TO RESTORE HOMESTEAD CREDIT
ST. PAUL — State Representative Linda Slocum (DFL – Richfield/Bloomington) is co-authoring a bill to restore the Market Value Homestead Credit for Minnesota homeowners. The bill’s chief author is Rep. Ann Lenczewski (DFL – Bloomington), DFL Lead member on the House Taxes Committee.
Last session, Republican majority in the legislature pushed hard for and won elimination of the credit, which benefited 95 percent of homeowners in Minnesota. All versions of the majority party’s tax bills starting in March eliminated the credit and after a prolonged government shutdown, the provision became law in the final budget agreement.
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.
“The elimination of this credit is a tax increase — plain and simple," Rep. Slocum said. “The Homestead Credit is the only state aid that suburban homeowners receive and the majority decided to eliminate it. Families and businesses have already seen property taxes skyrocket by more than $3 billion over the last decade, and this is common-sense tax relief that folks can’t afford to lose.”
Republicans have attempted to confuse voters by replacing the Homestead Credit with a complicated, non-transparent program called the Homestead Market Value Exclusion. The bottom line: the majority party eliminated a program that provides $538 million each biennium in property tax relief and replaced it with a program that provides $0 in property tax relief. The exclusion will do nothing other than shift who pays property taxes and will disproportionately hurt small business already struggling with high property taxes.
“Rather than ask millionaires and billionaires to pay a penny more in income tax, the majority chose to raise property taxes on middle-class families, seniors, the disabled and small businesses,” said Rep. Slocum. “These tax hikes will deeply hurt the people in the district I represent and I will continue working to bring back common-sense tax fairness.”
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