The bill amends Minnesota Statutes to increase the property tax exclusion amounts for homesteads owned by veterans with disabilities. Specifically, it raises the exclusion from $150,000 to $200,000 for veterans with a service-connected disability rating of 70 percent or more, and from $300,000 to $400,000 for those with a total (100 percent) and permanent disability. The bill also clarifies that if a qualifying veteran passes away, their spouse can continue to receive the exclusion benefits under certain conditions, such as holding legal title to the property and residing there permanently.
Additionally, the bill outlines the eligibility criteria for primary family caregivers of veterans and provides provisions for spouses of service members who die due to service-connected causes. It emphasizes the importance of tax relief for veterans, their caregivers, and surviving spouses as a means to alleviate the burdens faced by these individuals. The changes will take effect starting with the assessment year 2024.