This bill amends Minnesota Statutes 2024, section 273.13, subdivision 34, to increase the market value exclusion amounts for property owned by veterans with a service-connected disability. Specifically, for veterans with a disability rating of 70 percent or more, the exclusion amount is raised from $150,000 to $250,000. For veterans with a total (100 percent) and permanent disability, the exclusion amount increases from $300,000 to $450,000. The bill also outlines provisions for surviving spouses of veterans and primary family caregivers, allowing them to benefit from the exclusion under certain conditions.

Additionally, the bill establishes that the changes will take effect starting with the assessment year 2025. It emphasizes the intent to provide tax relief for veterans with disabilities, their caregivers, and surviving spouses, thereby easing the financial burdens faced by these individuals due to their service. The bill includes various stipulations regarding eligibility, application processes, and the continuation of benefits for spouses under specific circumstances.

Statutes affected:
Introduction: 273.13