This bill proposes the establishment of a ten-year homestead property tax exemption in Minnesota, specifically for properties classified as class 1a or 1b. The exemption will be available starting with the assessment year 2027, provided that the property has been owned and occupied as a homestead by the same owner for at least ten continuous years prior to the application. Additionally, applicants must have no unpaid or delinquent property taxes or special assessments at the time of application. To apply, taxpayers must submit specific information to the county assessor, including personal identification and proof of ownership and occupancy.

The bill also outlines that the exemption will be revoked in the following assessment year if the property is sold, transferred, or no longer used as a homestead. Property owners are required to notify the assessor within 30 days of any changes in ownership or use of the property. The effective date for this new exemption is set for assessment year 2027.

Statutes affected:
Introduction: 272.02