ST. PAUL – Senator-elect Jordan Rasmusson, R- Fergus Falls, has announced he will introduce a property tax relief package when the new legislative session begins in January.
Rasmusson's proposal will include increasing the homestead market value exclusion, enhancing relief to seniors who defer their taxes, and beginning to eliminate the statewide property tax on commercial, industrial, and seasonal recreational properties.
“I’ve already heard from constituents that the proposed property tax increases are more than they can handle,” Rasmusson said. “Inflation is still squeezing their budgets, and with an expected surplus in St. Paul, we can deliver meaningful tax relief to help people afford their lives. I’ll work with my colleagues in the Senate to find compromise and consensus in order to reduce Minnesotans' tax burdens and give the surplus back to the people.”
Rasmusson said numerous homeowners have seen their property tax valuations outpace their homestead exclusion, causing them to face higher taxes. One provision he plans to introduce mitigates that pain by increasing the homestead market value exclusion, allowing homeowners to qualify for tax relief on their homes. He also proposes reducing the state general property tax levy and setting this tax on a path to elimination.
“No other state levies a statewide property tax on commercial/industrial or seasonal recreational properties and it’s time to end this unnecessary burden Minnesota is imposing,” Rasmusson said. “Eliminating this tax would be a big help for property owners in our area, especially when you consider the high number of seasonal operations in this region.”
Among other proposals he is offering, Rasmusson said he proposes enhancing the senior property tax deferral to help prevent people from being priced out of their own homes. He also said he aims to create a new credit for state-mandated buffer strips so agricultural landowners receive tax relief on land the government prohibits them from working.
Rasmusson will perform the oath of office to join the Senate on Jan. 3 and said he intends to officially introduce his tax-relief package soon thereafter.
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