Market Value Exclusion on Homestead Property of Disabled Veterans
Market Value Exclusion on Homestead Property of Disabled Veterans What is it? To qualify, a veteran must have been honorably discharged from the United States armed forces as indicated by United States Government Form DD214 or other official military discharge papers, and must be certified by the United States Veterans Administration as having a service-connected disability. In the case of agricultural homesteads, only the house, garage, and immediately surrounding one acre of land will qualify for the exclusion. If a property qualifies for this market value exclusion, the property does not receive the residential homestead market value credit provided under Minnesota Statute 273.1384, subdivision 1. Qualifying veterans with a 70 percent disability rating or higher are eligible for a market value exclusion of $150,000. Qualifying veterans who are totally (100 percent) and permanently disabled are eligible for a market value exclusion of $300,000. How do I apply? Veterans with a disability rating of 70 percent or higher will need to reapply annually. Veterans who are totally and permanently disabled do not need to reapply after the initial approval. The property will continue to qualify for the value exclusion until there is a change in ownership or use of the property. A surviving spouse can continue the exclusion under this provision for one additional assessment year, or until the spouse sells, transfers, vacates, or otherwise disposes of the property (whichever occurs first). What if I have questions? |
Homestead Forms Market Value Exclusion on Homestead of Disabled Veterans with Total and Permanent disability Market Value Exclusion on Homestead Property of Disabled Veterans with 70 Percent or More Disability |