Bill > HF194

This bill increases property tax exemptions for veterans with disabilities and their families by modifying the homestead valuation exclusion amount. Specifically, the bill raises the market value exclusion for veterans with a 70 percent or more service-connected disability from $150,000 to $200,000, and increases the exclusion for veterans with a total (100 percent) and permanent disability from $300,000 to $400,000. These exclusions apply to properties owned by disabled veterans or, in some cases, their spouses or primary family caregivers. The bill also maintains existing provisions that allow surviving spouses to continue receiving the tax benefit under certain conditions, such as maintaining ownership and residence of the property. The purpose of this legislation is to provide property tax relief for veterans with disabilities, recognizing the sacrifices made by service members. The changes will take effect beginning with the 2025 assessment year, allowing qualifying veterans and their families to benefit from the increased property tax exemptions. The bill underscores Minnesota's commitment to supporting veterans by easing their financial burdens through targeted property tax relief.

Budget and Finance, Military Affairs and Security

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0194&ssn=0&y=2025