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Minnesota Legislature

Office of the Revisor of Statutes

SF 1563

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/08/2005

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17

A bill for an act
relating to debtor creditor relations; increasing the
amount of the homestead exemption; amending Minnesota
Statutes 2004, section 510.02.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2004, section 510.02, is
amended to read:


510.02 AREA AND VALUE; HOW LIMITED.

The homestead may include any quantity of land not
exceeding 160 acres, and not included in the laid out or platted
portion of any city. If the homestead is within the laid out or
platted portion of a city, its area must not exceed one-half of
an acre. The value of the homestead exemption, whether the
exemption is claimed jointly or individually, may not exceed
deleted text begin $200,000 deleted text endnew text begin$500,000 new text endor, if the homestead is used primarily for
agricultural purposes, deleted text begin$500,000 deleted text endnew text begin$1,000,000new text end, exclusive of the
limitations set forth in section 510.05.