In continuing the Coalition of Greater Minnesota Cities’ look into property tax aids and credits, the newest edition of the Greater Minnesota Advocate focuses on the Homestead Credit Refund (HCR) program. The Advocate notes that changes to the HCR program in 2013 resulted in a significant increase in funding for the program. While the majority of HCR dollars currently go to lower and middle income households, recent changes have meant significant increases for households whose income is more than $80,000. Recent trends show that committing more dollars to the HCR program means higher refunds for those in higher income brackets. In addition, the budget forecast from Minnesota Management and Budget, in addition to recent trends, call the efficacy of the HCR program into question.
Click here to read the full edition of the Advocate.