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 $510,000 (previously, $480,000). If the homestead is used primarily for agricultural purposes, the homestead exemption is increased to $1,275,000 (previously, $1,200,000). The adjustments went into effect July 1, 2024.

Click to view the MN Dollar Amount Adjustments: https://www.tenaco.com/wp-content/uploads/2024/07/MN-Dollar-Amount-Adjustments-06-28-24.pdf