MN SF651

Increases the homestead market value exclusion threshold from $76,000 to $95,000 for properties receiving the full 40 percent exclusion.

Raises the upper threshold for the sliding exclusion scale from $413,800 to $517,200, above which no valuation exclusion is allowed.

Increases the base exclusion amount in the sliding scale from $30,400 to $38,000 for homesteads valued between $95,000 and $517,200.

Applies to class 1a, 1b, and eligible class 2a properties consisting of a house, garage, and surrounding one acre of land.

Effective for assessment year 2024 and thereafter.