This bill amends Minnesota Statutes to increase the homestead market value exclusion amounts for veterans with a disability. Specifically, it raises the exclusion from $150,000 to $375,000 for veterans with a disability rating of 70 percent or more, and from $300,000 to $420,000 for those with a total (100 percent) and permanent disability. The bill also outlines the eligibility criteria for veterans and their spouses, including the requirement for an honorable discharge and the process for applying for the exclusion.

Additionally, the bill includes provisions for the continuation of the exclusion for surviving spouses and primary family caregivers of eligible veterans. It specifies that if a qualifying veteran dies, their spouse can retain the exclusion under certain conditions, such as holding legal title to the homestead and residing there. The bill emphasizes the intent to provide tax relief to veterans, their caregivers, and surviving spouses, thereby easing the financial burdens they face. The changes will take effect starting with the assessment year 2025.

Statutes affected:
Introduction: 273.13