Minnesota Increases Amount of Homestead Exemption

Minnesota issued a notice (Notice) increasing the amount of the state’s homestead exemption. Per the Notice, the homestead exemption is increased to $480,000 (rather than $390,000). If the homestead is used primarily for agricultural purposes, the homestead exemption is increased to $1,200,000 (rather than $975,000). The adjustments went into effect July 1, 2022.

Click to view the MN Homestead Exemption Adjustments: https://www.tenaco.com/wp-content/uploads/2022/07/MN-Homestead-Exemption-Adjustments-06-30-22.pdf