Section 1 (273.13, subd. 34) Modifies the disabled veterans homestead exclusion by removing the exclusion when a property is sold or transferred. The application date for the valuation exclusion is changed from July 1 to December 15.

New paragraph (n) provides that a spouse may continue to receive the valuation exclusion for a new property if the spouse applies for the exclusion, holds legal title to the new property, the estimated market value is less than or equal to the market value of the property that was first subject to the exclusion, and the spouse has not previously received the benefit under this paragraph.  This exclusion may not exceed a total of eight taxes payable years.

This bill is effective beginning with assessments in 2019, for taxes payable in 2020.