MN SF1123

Modifies homestead market value exclusion thresholds for assessment years 2024-2025, raising the full exclusion threshold from $76,000 to $107,450 and the phase-out threshold from $413,800 to $585,000.

Restores original exclusion formula for assessment year 2023 and 2026 onward with lower thresholds of $76,000 (full exclusion) and $413,800 (phase-out ceiling).

Increases homestead credit state refunds for tax years 2024-2025 by adding $500 to maximum refund amounts and reducing claimant percentage by five percentage points.

Expands refund eligibility to include claimants with household income between $126,290 and $155,000, with tiered maximum refunds ranging from $850 to $350 based on income level.

Increases additional refund under subdivision 2h by substituting ten percent for twelve percent in the credit formula and doubling the maximum refund from $1,000 to $2,000 for tax years 2024-2025.