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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 create a property tax benefit for senior citizens in Minnesota by establishing a homestead market value exclusion for properties owned by people aged 65 or older who are retired.

Main Provisions

  • Homestead Market Value Exclusion: The bill introduces a policy allowing individuals aged 65 or older who are retired to benefit from an exclusion in their property's market value assessment. This exclusion is meant to reduce the taxable portion of their property’s market value, potentially lowering their property tax liability.

  • Notices to Property Owners: The bill modifies the responsibilities of county or city assessors to notify property owners about assessment details, including any exclusions applicable due to age and retirement status, market values for current and prior assessments, and any classification changes.

  • Notification Details: Owners can request to receive notifications electronically. The notice must inform owners about the dates and times for local appeal opportunities regarding their property's assessment.

Significant Changes to Existing Law

  • This bill amends existing statutes by adding provisions specifically aimed at giving tax relief to senior citizens through property tax exclusions.
  • The bill updates procedures for notifying taxpayers about their property's assessed value and any changes or benefits applicable to them due to their age and retirement status.

Relevant Terms

homestead market value exclusion, property tax, senior citizen, retired, age 65 or older, property assessment, tax relief, county assessor, electronic notification.

Bill text versions

Actions

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

Citations

 
[
  {
    "analysis": {
      "added": [
        "Option for property owners to receive notices electronically."
      ],
      "removed": [
        ""
      ],
      "summary": "The bill amends section 273.121 subdivision 1 to update the notification process regarding property assessments.",
      "modified": [
        "Clarification on notice requirements and assessor responsibilities."
      ]
    },
    "citation": "273.121",
    "subdivision": "subdivision 1"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "The bill references the local board of appeal and equalization process under section 274.01.",
      "modified": [
        ""
      ]
    },
    "citation": "274.01",
    "subdivision": ""
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "The bill references the review process established under section 274.13 subdivision 1c.",
      "modified": [
        ""
      ]
    },
    "citation": "274.13",
    "subdivision": "subdivision 1c"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "The bill refers to provided value reductions resulting from exclusions under section 273.13 subdivisions 35 and 36.",
      "modified": [
        ""
      ]
    },
    "citation": "273.13",
    "subdivision": "subdivisions 35 and 36"
  }
]

Sponsors