Bill > SF532

This bill modifies the property tax market value exclusion for veterans with disabilities by increasing the amount of market value that can be excluded from property taxes. Specifically, for veterans with a disability rating of 70 percent or more, the market value exclusion increases from $150,000 to $200,000, and for veterans with a total and permanent (100 percent) disability, the exclusion increases from $300,000 to $400,000. The bill maintains existing eligibility requirements, such as the veteran being honorably discharged and having a service-connected disability certified by the United States Department of Veterans Affairs. The provision also preserves existing provisions that allow the exclusion to transfer to a surviving spouse under certain conditions, such as if the spouse continues to reside in the property and does not remarry. The purpose of this tax relief is to help ease the financial burdens for disabled veterans, their caregivers, and their families. The bill will become effective for the assessment year beginning in 2025, allowing veterans and their families to benefit from the increased market value exclusion.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0532&ssn=0&y=2025