1.1 	A bill for an act
1.2 	relating to debtor creditor relations; increasing the
1.3 	amount of the homestead exemption; amending Minnesota
1.4 	Statutes 2004, section 510.02.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2004, section 510.02, is
1.7 	amended to read:
1.8 	510.02 AREA AND VALUE; HOW LIMITED.
1.9 	The homestead may include any quantity of land not
1.10 	exceeding 160 acres, and not included in the laid out or platted
1.11 	portion of any city.  If the homestead is within the laid out or
1.12 	platted portion of a city, its area must not exceed one-half of
1.13 	an acre.  The value of the homestead exemption, whether the
1.14 	exemption is claimed jointly or individually, may not exceed
1.15 	$200,000 $500,000 or, if the homestead is used primarily for
1.16 	agricultural purposes, $500,000 $1,000,000, exclusive of the
1.17 	limitations set forth in section 510.05.