Ten-year homestead property tax exemption established.

HF 3535 establishes a ten-year property tax exemption for primary residences in Minnesota, effective for assessment year 2027. It applies to homeowners who have owned and lived in the same property as their primary residence for at least 10 continuous years prior to applying, with no outstanding property tax delinquencies. Homeowners must apply to their county assessor with proof of ownership, occupancy, and tax compliance, and the exemption automatically ends if the property is sold, transferred, or no longer used as a primary residence. This bill directly affects qualifying homeowners by reducing their annual property tax burden for a decade, subject to specific eligibility and notification requirements.