Homestead market value exclusion established for property owned by persons 65 years or older and retired.

HF 436 establishes a property tax exclusion for Minnesotans aged 65 or older who are retired. It excludes all market value of qualifying primary residences (classified as 1a, 1b, or the home portion of an agricultural homestead) from taxable value for property owners meeting the age and retirement criteria. To qualify, applicants must submit a form by December 31 each year, and the exclusion applies until the property is sold, transferred, or no longer qualifies as a homestead. This exclusion replaces eligibility for other programs like senior tax credits or deferral programs. The policy takes effect for 2026 property taxes.