Bill > HF436

This bill establishes a comprehensive homestead market value exclusion for property owners who are 65 years or older and retired, effectively eliminating property tax assessments for qualifying seniors. Under the proposed legislation, individuals aged 65 and above can have the entire market value of their primary residence excluded from property tax calculations, with special provisions for married couples where at least one spouse is 65 and the other is at least 62 years old. To be eligible, the property must be classified as a homestead (either residential or a portion of an agricultural property), and owners must apply to their local assessor by December 31 of the first assessment year they seek the exclusion. The exclusion will continue automatically in subsequent years unless the property is sold, transferred, or no longer qualifies as a homestead. Importantly, properties receiving this new exclusion cannot simultaneously receive other property tax benefits like existing market value exclusions, property tax credits, or senior citizens' property tax deferrals. The bill amends multiple sections of Minnesota tax law and is set to take effect for property taxes payable in 2026, requiring assessors to modify their tax statements to reflect the new exclusion and providing a significant potential tax relief for senior homeowners.

Budget and Finance, Military Affairs and Security

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0436&ssn=0&y=2025