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The state is facing a historic projected deficit of almost $2.7 billion for the upcoming biennium. On July 1, 2009, the governor approved the unallotment of funds for the FY 2010/11 biennium.
Among the approved unallotments is the reduction of the 2009 renters’ property tax refunds to more accurately reflect actual property taxes paid. This reduction is estimated to save $50.8 million in general fund expenditures for the FY 2010/11 biennium. The reduction does not impact the 2008 renters’ property tax refund claims that will be paid beginning in August 2009 for rent paid in 2008. The renters’ property tax refund program is a state-paid refund to renters whose rent and property taxes are high relative to their income. For one year beginning in August 2010 for rent paid in 2009, the portion of the rent used to calculate the 2009 refund would be reduced from 19 percent of rent paid to 15 percent to more accurately reflect actual property taxes paid. The 2009 Form CRP will be updated to reflect the new percentage and an additional notice regarding the unallotment changes will be included in the 2009 Form M1PR instruction booklet. Minnesota's program remains one of the most generous of its kind in the nation. Currently, there are 304,900 renter property tax refund filers, and the average refund is $570. With the unallotment, the average refund would be reduced by $129 for refund claims paid beginning in August 2010.
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