Minnesota SF416 modifies the homestead market value exclusion and increases property tax refunds for certain years.

Minnesota SF416 modifies the homestead market value exclusion for certain property classifications and assessment years. It specifies the exclusion amounts based on the property's market value and the owner's occupancy status. For assessment years 2025 and 2026, the exclusion is prorated based on the owner-occupant's percentage of ownership. The bill also increases the homestead credit state refund by $500 and adjusts the refund parameters based on the claimant's household income.

Minnesota SF416 modifies the homestead market value exclusion and increases property tax refunds for certain years.

Minnesota SF416 modifies the homestead market value exclusion for certain property classifications and assessment years. It specifies the exclusion amounts based on the property's market value and the owner's occupancy status. For assessment years 2025 and 2026, the exclusion is prorated based on the owner-occupant's percentage of ownership. The bill also increases the homestead credit state refund by $500 and adjusts the refund parameters based on the claimant's household income.