Bill > SF262

This bill increases homestead property tax exclusions for veterans with disabilities and their families by raising the market value exclusion amounts. For veterans with a disability rating of 70 percent or more, the exclusion increases from $150,000 to $200,000, and for veterans with a total (100 percent) and permanent disability, the exclusion increases from $300,000 to $400,000. To qualify, veterans must have been honorably discharged and have their disability certified by the U.S. Department of Veterans Affairs. The bill also preserves existing provisions that allow a qualifying veteran's spouse to continue receiving the tax exclusion after the veteran's death, as long as the spouse remains unmarried and continues to reside in the home. Additionally, if a veteran does not own a homestead in Minnesota, their primary family caregiver may be eligible for the exclusion. The bill aims to provide property tax relief for veterans with disabilities, recognizing the significant sacrifices made by service members and their families. The changes will take effect beginning with the 2025 assessment year, giving local assessors and veterans time to prepare for the new exclusion amounts.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0262&ssn=0&y=2025