MN HF4343

Limits estimated market value increases for homesteads owned by seniors: 1% annually for ages 65-69 (with 10+ years occupancy), and freezes value for ages 70+ (with 5+ years occupancy for ages 70-74, no occupancy requirement for 75+).

Limits net tax payable on qualifying senior homesteads using the same age-based tiers: 1% annual increase for ages 65-69, tax freeze for ages 70+.

Requires owners to apply to county assessor by July 1 of the assessment year, provide proof of age, and for married couples both spouses must be at least 65 years old.

For married couples, both spouses must meet the age requirement regardless of property title ownership structure to qualify for the limitation.

Requires county assessors to include information about the valuation and tax increase limitations in annual property tax notices and specifies these limitations apply to all boards of review and equalization.