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MN SF377
MN SF377Increase in property value increase prohibition for homesteads owned by persons 65 years of age or older
summary
Introduced
01/17/2023
01/17/2023
In Committee
01/17/2023
01/17/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to taxation; property; prohibiting an increase in property value for homesteads owned by persons 65 years of age or older; amending Minnesota Statutes 2022, sections 273.11, subdivision 5, by adding a subdivision; 273.121, subdivision 1; 276.04, subdivision 2.
AI Summary
This bill prohibits an increase in the estimated market value for property tax purposes of homesteads owned by persons age 65 or older, beginning with assessment year 2023. The property's estimated market value cannot exceed the previous year's value, unless improvements have been made to the property. Homeowners must apply to the county assessor by July 1 to request the valuation freeze, and provide proof of age. The county assessor is required to annually inform the public about the availability of this valuation freeze provision. The bill also requires that the property tax statement include any reduction in value due to this new provision.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Taxes (on 01/17/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0377&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF377&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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