MN HF3629

Increases homestead market value exclusion threshold from $76,000 to $80,300 for properties qualifying for the 40 percent exclusion.

Raises the upper threshold for graduated exclusion from $413,800 to $437,100, above which no valuation exclusion applies.

Modifies the exclusion formula for homesteads between $80,300 and $437,100 to $32,120 minus nine percent of valuation over $80,300 (previously $30,400 minus nine percent over $76,000).

Applies to property classified as class 1a or 1b, and the house, garage, and surrounding one acre of land classified as class 2a.

Effective for assessment year 2023 and thereafter.