MN SF4558

Modifies homestead market value exclusion thresholds for assessment years 2023-2024, increasing the income limits from $76,000-$413,800 to $107,450-$585,000 with adjusted exclusion calculations.

Establishes different exclusion parameters for assessment year 2022 and 2025 onwards, maintaining the $76,000-$413,800 range with a 40 percent exclusion for properties valued at $76,000 or less.

Increases homestead credit state refunds for 2023-2024 by raising the maximum refund amount by $500 and reducing the claimant's percent paid by five percentage points.

Extends property tax refund eligibility to claimants with household income up to $155,000 (previously $126,290) and adjusts refund parameters based on income brackets ranging from $126,290 to $155,000.

Increases additional refunds under Minnesota Statutes section 290A.04 by substituting "ten percent" for "12 percent" in the credit formula and doubling the maximum refund from $1,000 to $2,000, with provisions expiring for taxes payable in 2025 and later.