H.F. 4259 Summary

• Reduces the disability rating threshold for veterans' homestead property tax exclusion from 70 percent to 50 percent or more, as certified by the U.S. Department of Veterans Affairs.

• Establishes an "exclusion base amount" of $200,000 for assessment year 2024, with annual adjustments thereafter based on the implicit price deflator for government consumption expenditures and gross investment.

• Provides that veterans with 50 percent or more disability receive exclusion of the base amount, while those with 100 percent disability rating (including total and permanent disability or individual unemployability) receive twice the base amount.

• Expands eligibility to include primary family caregivers of qualifying veterans who do not own Minnesota homestead property, and preserves spousal benefits upon a veteran's death if certain conditions are met.

• Effective for assessment year 2024 and thereafter.