Minnesota SF3305 establishes a homestead market value exclusion for property owned by persons 65 years and older and retired.

Minnesota SF3305 amends state statutes to establish a homestead market value exclusion for property owned by persons 65 years and older and retired. To qualify, the property must be classified as 1a or 1b or an agricultural homestead and must be owned and occupied by a person who is 65 years or older and retired. The exclusion applies to the property's taxable market value. The exclusion is not available for properties eligible for other market value exclusions. The exclusion remains in effect until the property is sold, transferred, or no longer qualifies as a homestead.

Minnesota SF3305 establishes a homestead market value exclusion for property owned by persons 65 years and older and retired.

Minnesota SF3305 amends state statutes to establish a homestead market value exclusion for property owned by persons 65 years and older and retired. To qualify, the property must be classified as 1a or 1b or an agricultural homestead and must be owned and occupied by a person who is 65 years or older and retired. The exclusion applies to the property's taxable market value. The exclusion is not available for properties eligible for other market value exclusions. The exclusion remains in effect until the property is sold, transferred, or no longer qualifies as a homestead.