MN HF2633

Excludes all or a portion of market value from property taxation for homesteads owned by military veterans with service-connected disabilities of 70 percent or more who are honorably discharged.

Provides $150,000 market value exclusion for disabilities rated at 70 percent or more, and $300,000 exclusion for total (100 percent) and permanent disabilities.

Extends the exclusion to surviving spouses under age 50 who hold legal or beneficial title and permanently reside on the homestead for one additional assessment year or until the spouse sells, transfers, or disposes of the property, whichever comes first.

Extends the exclusion to surviving spouses age 50 or older who hold legal or beneficial title and permanently reside on the homestead until the spouse sells, transfers, disposes of the property, or remarries.

For agricultural homesteads, limits the valuation exclusion to the house, garage, and immediately surrounding one acre of land.

Effective for taxes payable in 2011 and thereafter.