MN SF3305

Excludes 100% of the market value from property taxation for homesteads owned and occupied by retired persons age 65 or older (or married couples where one spouse is 65+ and the other is at least 62)

Applies to residential homesteads classified as 1a or 1b, or the house, garage, and surrounding one acre of agricultural homesteads

Property owners qualifying for this exclusion become ineligible for other property tax benefits including the standard homestead market value exclusion, property tax credits, property tax refunds under chapter 290A, and the senior citizens' property tax deferral program

Requires property owners to apply to the county assessor by December 31 of the first assessment year; exclusion continues until the property is sold, all qualifying homeowners die, or homestead status is lost

Effective beginning with property taxes payable in 2026