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

SF 3305 creates a homestead market value exclusion for Minnesota property owners aged 65 or older who are retired. It excludes the full market value of qualifying property (classified as 1a/1b homestead or part of an agricultural homestead) from taxable value, reducing property taxes. To qualify, applicants must own and occupy the property as a homestead, with at least one owner aged 65+ (or a married couple where one is 65+ and the other is 62+), and apply by December 31 each year. The exclusion begins for 2026 property taxes and makes qualifying properties ineligible for other tax benefits like property tax credits or deferral programs.