MN SF2981

Increases the first-tier valuation limit for agricultural homestead property from $1,140,000 to $3,500,000, effective for assessment year 2024.

Increases tier limits for homestead resort property (Class 1c): tier I from $600,000 to $850,000 and tier II from $1,700,000 to $2,250,000.

Modifies homestead market value exclusion thresholds from $76,000/$413,800 to $95,000/$517,200 and increases maximum exclusion from $30,400 to $38,000.

Reduces state general levy for commercial-industrial property from $716,990,000 to $683,913,000 and for seasonal-recreational property from $41,690,000 to $39,767,000 for taxes payable in 2024 and thereafter.

Allows unlimited Social Security subtraction (removes income-based phase-out limits), decreases income tax rates by 1 percentage point across all brackets, establishes a $1,800 refundable child credit per qualifying child, and provides one-time direct payments of $2,500 (married joint filers) or $1,250 (other filers) to eligible individuals.