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 $250,000, and for those with a total (100 percent) and permanent disability, it increases the exclusion from $300,000 to $500,000. The bill also outlines the eligibility criteria for veterans and their spouses to qualify for these exclusions, including the requirement for an honorable discharge and the need for a first-time application within specific timeframes.

Additionally, the bill includes provisions for the continuation of the exclusion for surviving spouses and primary family caregivers of veterans, ensuring they can benefit from the tax relief even after the veteran's death, under certain conditions. The effective date for these changes is set for property taxes payable in 2026. Overall, the bill aims to provide enhanced property tax relief for veterans with disabilities and their families, recognizing the sacrifices made by these individuals.

Statutes affected:
Introduction: 273.13