Minnesota HF3608 modifies the homestead market value exclusion for property taxes.

Minnesota HF3608 amends the homestead market value exclusion for property taxes. It adjusts the exclusion amount for properties where not all owners occupy the property. The exclusion applies to the owner-occupant's percentage of ownership. Accessory dwelling units are excluded when calculating the value of the exclusion. The exclusion is 40 percent of market value for homesteads valued at $95,000 or less, and decreases for higher valuations. This change is effective starting with assessment year 2027.

Minnesota HF3608 modifies the homestead market value exclusion for property taxes.

Minnesota HF3608 amends the homestead market value exclusion for property taxes. It adjusts the exclusion amount for properties where not all owners occupy the property. The exclusion applies to the owner-occupant's percentage of ownership. Accessory dwelling units are excluded when calculating the value of the exclusion. The exclusion is 40 percent of market value for homesteads valued at $95,000 or less, and decreases for higher valuations. This change is effective starting with assessment year 2027.