Increase in property value for homesteads owned by persons age 65 or older prohibited.

This bill prohibits property tax assessments from increasing for Minnesota homesteads owned and occupied by individuals aged 65 or older, with the freeze applying to the house, garage, and surrounding acreage. To qualify, owners must apply to their county assessor by July 1 and provide proof of age, ensuring that both spouses are at least 65 for married couples. While the bill caps the taxable value based on the previous year's estimate, it explicitly allows property values to rise if improvements are made to the home. The legislation also requires assessors to notify eligible homeowners of this valuation freeze in their annual tax notices and is set to take effect starting with the 2026 assessment year.