The bill amends Minnesota Statutes 2022, section 273.13, subdivision 34, to enhance the property tax benefits for totally and permanently disabled veterans. Specifically, it increases the market value exclusion amount for veterans with a disability rating of 70 percent or more from $150,000 to $200,000, and for those with a total (100 percent) and permanent disability, the exclusion amount rises from $300,000 to $400,000. This change aims to provide greater financial relief to disabled veterans and their families by reducing the taxable market value of their homesteads.

Additionally, the bill includes provisions for the continuation of these benefits for surviving spouses and primary family caregivers of eligible veterans. It stipulates that if a qualifying veteran dies, their spouse can retain the exclusion benefits under certain conditions, such as holding legal title to the homestead and residing there. The bill also establishes an effective date for these changes, stating that they will take effect beginning with the assessment year 2024.

Statutes affected:
Introduction: 273.13