Bill > HF3505

This bill modifies property tax provisions by increasing the exclusion amount for homesteads of veterans with a disability. Specifically, it increases the market value exclusion from $150,000 to $200,000 for veterans with a 70% or more service-connected disability, and from $300,000 to $400,000 for those with a total (100%) and permanent disability. The bill also allows the exclusion to carry over to the benefit of the veteran's spouse in certain circumstances, and provides an exclusion for the homestead of a veteran's primary family caregiver if the veteran meets the disability criteria but does not own property classified as a homestead in Minnesota. The changes are effective beginning with the 2024 assessment year.