This bill amends Minnesota Statutes 2024, section 273.13, subdivision 34, to increase the market value exclusion amounts for the homestead property tax relief available to 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 $375,000. For veterans with a total (100 percent) and permanent disability, the exclusion increases from $300,000 to $420,000. These changes aim to provide greater financial relief to veterans and their families by reducing the taxable market value of their homesteads.

Additionally, the bill outlines provisions for surviving spouses of veterans, allowing them to retain the exclusion benefits under certain conditions, such as holding legal title to the homestead and residing there permanently. It also includes definitions for terms like "active service," "own," and "primary family caregiver," and establishes a certification process for county veterans service officers to verify disability ratings. The effective date for these changes is set to begin with the assessment year 2025.

Statutes affected:
Introduction: 273.13