This bill amends Minnesota Statutes 2024, section 273.13, subdivision 34, to increase the market value exclusion for veterans with a disability. Specifically, it raises the exclusion amount for veterans with a service-connected disability rating of 70 percent or more from $150,000 to $165,000, and for those with a total (100 percent) and permanent disability, it increases the exclusion from $300,000 to $330,000. The bill also outlines the eligibility criteria for veterans and their spouses to qualify for these exclusions, including requirements for honorable discharge and residency.

Additionally, the bill includes provisions for the continuation of benefits for surviving spouses and primary family caregivers of veterans. It stipulates that if a qualifying veteran dies, their spouse may retain the exclusion benefits 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 associated with their service. The changes will take effect for property taxes payable in 2026.

Statutes affected:
Introduction: 273.13