Subdivision 1. Exemption. The homestead may include any quantity of land not exceeding 160 acres. The exemption per homestead, whether the exemption is claimed by one or more debtors, may not exceed $480,000 or, if the homestead is used primarily for agricultural purposes, $1,200,000, exclusive of the limitations set forth in section 510.05.
Subd. 2. Adjustment of dollar amounts. The dollar amounts in subdivision 1 must change periodically in the manner provided for under section 550.37, subdivision 4a. The commissioner of commerce shall include the changes in the dollar amounts as part of the announcement and publication made under those provisions.
(8337) RL s 3453; 1907 c 335 s 1; 1969 c 414 s 1; 1973 c 123 art 5 s 7; 1986 c 398 art 16 s 1; 1993 c 79 s 2; 2007 c 105 s 2; 2007 c 106 s 11; 2013 c 135 art 2 s 8
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 510 — Homestead Exemption
Section 510.01 — Homestead Defined; Exempt; Exception.
Section 510.02 — Area And Value; How Limited.
Section 510.03 — Existing Exemption Not Affected By Changes.
Section 510.04 — Title May Be In Either Spouse; Equitable Title Exempt.
Section 510.06 — Exemption Not Lost By Death Or Desertion.
Section 510.07 — Sale Or Removal Permitted; Insurance Proceeds; Notice.