MN HF366

Prohibits increases in estimated market value for homesteads owned and occupied by persons age 65 or older, effective beginning with assessment year 2022.

Applies to class 1 residential property and the house, garage, and surrounding one acre of class 2a property; both spouses must be at least 65 years old in the case of married couples.

Requires owners to apply to the county assessor by July 1 of the assessment year and submit proof of age; continued eligibility requires annual submission of information as deemed necessary by the assessor.

Does not prohibit value increases attributable to improvements made to the property.

Requires county assessors to annually inform the public of the valuation freeze availability and mandates that any value reduction be listed on property tax statements and assessment notices.