MN SF973

Increases the first-tier valuation limit for agricultural homestead properties from $1,140,000 to $2,500,000 for assessment year 2024, with subsequent years indexed to changes in statewide average taxable market value of agricultural property per acre.

Modifies tier limits for homestead resort properties (Class 1c) effective assessment year 2024: tier I increases from $600,000 to $850,000 and tier II increases from $1,700,000 to $2,250,000.

Increases homestead market value exclusion thresholds for assessment year 2024: the full 40 percent exclusion applies to homesteads valued at $95,000 or less (previously $76,000), and the phase-out range extends to $517,200 (previously $413,800).

Reduces the state general levy for commercial-industrial property to $683,913,000 for taxes payable in 2024 and thereafter (down from $716,990,000 for 2023) and for seasonal-recreational property to $39,767,000 (down from $41,690,000).

All changes are effective for assessment year 2024 and thereafter.