MN SF5342

Limits annual market value increases for qualified homestead property to the lesser of 3 percent or the Consumer Price Index for All Urban Consumers beginning with assessment year 2025.

Applies to owner-occupied property classified as class 1a, 1b, 2a (house, garage, and surrounding acre only), or class 4d(2) under Minnesota's property classification system.

Allows portability of the valuation limit when homeowners move to a new qualified property by filing an application within three years, with valuation calculated based on the lower of the new or previous property value.

Exempts value increases from property improvements from the annual limitation cap.

Terminates the valuation treatment when a property is sold, transferred, or the owner no longer qualifies for homestead treatment.