MN HF1504

Increases homestead market value exclusion thresholds from $76,000 to $80,300 for the lower valuation limit and from $413,800 to $437,100 for the upper valuation limit.

Adjusts the exclusion amount for homes valued between the thresholds from $30,400 to $32,120, maintaining the nine percent reduction rate for valuations above the lower threshold.

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

For properties classified as part homestead and part nonhomestead due to ownership or occupancy issues, the exclusion is prorated based on the owner-occupant's percentage of ownership.

Effective for assessment year 2024 and thereafter.