MN HF541

Extends homestead market value exclusion eligibility to surviving spouses of disabled military veterans who predeceased them, if the spouse holds legal or beneficial title and permanently resides on the property.

Excludes $150,000 of market value for veterans with a 70 percent or greater service-connected disability rating, or $300,000 for veterans with total (100 percent) and permanent disability.

Exclusion carries over to the surviving spouse until the property is sold, transferred, disposed of, or the spouse remarries, whichever occurs first.

For agricultural homesteads, only the house, garage, and immediately surrounding one acre of land qualify for the valuation exclusion.

Requires property owners to apply to the assessor by July 1 of each assessment year, except annual reapplication is not required once accepted for exclusion under the 100 percent disability provision.

Effective for taxes payable in 2010 and thereafter.