MN SF416

Temporarily increases the homestead market value exclusion for assessment years 2026 and 2027, raising the maximum exclusion from $38,000 to $42,980 and increasing the threshold for full 40% exclusion from $95,000 to $107,450

Raises the home value cap for receiving any exclusion from $517,200 to $585,000 during the 2026-2027 period, reverting to current levels in 2028

Increases the maximum homestead credit state refund by $500 and reduces the claimant's share of property taxes by 5 percentage points for property taxes payable in 2026 and 2027

Expands property tax refund eligibility to households with income between $126,290 and $155,000, with maximum refunds ranging from $350 to $850 depending on income level

All temporary property tax refund increases sunset for property taxes payable in 2028 and later