Bill > SF3305

This bill establishes a new property tax market value exclusion for homeowners who are 65 years or older and retired. Specifically, the bill allows for a complete exclusion of market value for qualifying homestead properties owned by seniors, with some important qualifications. To be eligible, the property must be classified as a primary residential homestead, and at least one spouse must be 65 years or older (with the other spouse at least 62 years old). Homeowners must apply for the exclusion by December 31 of the first assessment year they wish to claim it, and the exclusion will continue until the property is sold, transferred, or no longer qualifies as a homestead. Importantly, properties receiving this exclusion cannot also claim other property tax credits or benefits like the senior citizens' property tax deferral program. The bill requires property tax statements to reflect this new exclusion and mandates that assessors include information about value reductions resulting from this exclusion in their annual property assessment notices. The provisions of this bill will become effective for property taxes payable in 2026, giving local governments and property owners time to prepare for the new tax treatment.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3305&ssn=0&y=2025