This bill proposes the establishment of a homestead market value exclusion for properties owned by individuals aged 65 years or older who are retired. It amends Minnesota Statutes to include a new subdivision that specifies that the entire market value of qualifying properties will be excluded from taxable market value calculations. To qualify, the property must be classified as either 1a or 1b, or consist of a portion of an agricultural homestead that includes the house, garage, and one acre of land. Additionally, the property must be owned and occupied as a homestead by a qualifying individual or couple, with specific age requirements for spouses. The bill also stipulates that properties receiving this exclusion will not be eligible for other property tax credits or refunds.

The bill further amends existing statutes regarding property tax statements to include information about the homestead market value exclusion. It requires that tax statements clearly outline the current and prior year's estimated market values, the homestead market value exclusion, and the taxable market value. The effective date for these changes is set for property taxes payable in 2026. Overall, the bill aims to provide financial relief to senior citizens by reducing their property tax burden.

Statutes affected:
Introduction: 273.121, 273.13, 276.04