MN SF3117

Extends the disabled veteran homestead market value exclusion to surviving spouses of disabled veterans with 100 percent permanent service-connected disabilities.

Surviving spouses under age 50 receive the $300,000 market value exclusion for one additional assessment year or until the property is sold, transferred, or disposed of, whichever comes first.

Surviving spouses age 50 or older receive the $300,000 market value exclusion indefinitely until the property is sold, transferred, disposed of, or the spouse remarries.

Requires surviving spouses to hold legal or beneficial title to the homestead and permanently reside there to qualify for the carryover exclusion.

Effective for taxes payable in 2011 and thereafter.