MN SF377

Prohibits increases in estimated market value for class 1 homestead properties and the house/garage/one-acre portion of class 2a properties owned and occupied by persons age 65 or older, freezing values at the preceding year's assessed amount.

Requires both spouses to be at least 65 years old for married couples to qualify for the valuation freeze, regardless of how the property is titled.

Owners must apply to the county assessor by July 1 of the assessment year to request the valuation freeze and submit proof of age; continued eligibility requires annual resubmission of information.

Allows property value increases attributable to improvements made to the property, and requires county assessors to annually inform the public of the valuation freeze availability.

Requires county assessors to include notification of any value reduction from the age 65+ freeze in annual property assessment notices and property tax statements, effective beginning with assessment year 2023.