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SF3305 (Legislative Session 94 (2025-2026))

Homestead market value exclusion for property owned by persons 65 years and older and retired establishment

Related bill: HF436

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to amend existing property tax laws in Minnesota to establish a homestead market value exclusion specifically for properties owned by individuals who are 65 years or older and retired. The bill aims to support senior citizens by offering financial relief in the form of reduced property tax obligations.

Main Provisions

  • Homestead Market Value Exclusion: The bill introduces a new exclusion from property market values for tax purposes, targeted at senior citizens. This exclusion would apply to homeowners aged 65 and older who are also retired, effectively reducing the taxable value of their property.

  • Notification Requirements: The bill mandates that county or city assessors, who perform the valuation or classification of taxable real property, provide written notification to property owners whose properties will be included on the assessment roll each year. This notice must inform the property owners of any value reduction they qualify for through the new exclusion.

  • Notification Form and Procedures: Details of the notice requirements include:

    • Market value of the property for the current and prior assessment
    • Any reduction in market value due to the new exclusion
    • The classification of the property in the current and prior assessment
    • Contact information for the assessor’s office
    • Schedule of local board of appeal meetings.

  • Funding and Application for Notices: If assessors do not have sufficient funds to provide the required notices, they can apply to the commissioner of revenue for financing. The commissioner of management and budget is responsible for ensuring these funds are provided, and the necessary amounts will be deducted from state payments to the respective county or municipality.

Significant Changes to Existing Law

  • The introduction of a homestead market value exclusion for seniors 65 and older represents a significant change to Section 273.13 of the Minnesota Statutes. Previously, no specific exclusion based on age and retirement status was available.

  • Amendments to notification requirements ensure greater transparency and support for eligible senior homeowners regarding changes in property tax obligations and assessments.

Relevant Terms

homestead market value exclusion, property tax, senior citizens, 65 years or older, retired, property assessment, Minnesota Statutes, assessor responsibilities, notification requirements.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
April 06, 2025SenateFloorActionIntroduction and first reading
April 06, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "Allows electronic notifications upon property owner's request."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill amends the notification requirements by county or city assessors for property assessments.",
      "modified": [
        "Updates notification process requirements to include electronic formats."
      ]
    },
    "citation": "273.121",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This section is referenced in the context of notification timing.",
      "modified": [
        ""
      ]
    },
    "citation": "274.01",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This section is referenced regarding the review process for property assessments.",
      "modified": [
        ""
      ]
    },
    "citation": "274.13",
    "subdivision": "subdivision 1c"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This section is referenced in the context of determining value reductions.",
      "modified": [
        ""
      ]
    },
    "citation": "273.13",
    "subdivision": "subdivision 35"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This section is referenced in the context of determining value reductions.",
      "modified": [
        ""
      ]
    },
    "citation": "273.13",
    "subdivision": "subdivision 36"
  }
]

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