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Bill would update 4(d) property classification to allow income‑averaging for low‑income housing projects
Summary
Senate File 33 would clarify Minnesota's '4d' property tax classification to allow income averaging for qualified low‑income housing projects, aligning state statute with current Minnesota Housing Finance Agency interpretation and federal changes.
Senate File 33, presented by Senator Rest, would amend the property‑tax classification commonly known as “4d” to allow an income‑averaging approach when determining whether a low‑income housing project qualifies for the classification.
Under current practice, 4d qualification focuses on specific income and rent‑restriction percentages measured at initial…
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