The amount of a deficiency judgment found in Minnesota Statutes, Section 325G.22, property exempt from creditor collection action in Minnesota Statutes, Section 550.37, and the homestead exemption in Minnesota Statutes, Section 510.02 will increase 10% effective July 1, 2012.  These statutes require that the dollar amounts be adjusted in even numbered years based on a percentage change in the Implicit Price Deflator for the Gross National Product.

The statute requires that the percentage of change in the reference base index be 10% or more in order to adjust the dollar amounts.  The portion of the percentage change in the index in excess of a multiple of ten percent is to be disregarded, and dollar amounts shall change only in multiples of ten percent.  Information obtained from the U.S. Department of Commerce, Bureau of Economic Analysis, indicates the percentage change from the revised reference base to be 130% calculated to the nearest whole percentage point as required.  The index for December 1980 is the reference base index for adjustments, with 1972=100.  The index was revised nationally to 2005=100.  The index for December 1980 is 49.571, increasing to 114.067 in December 2011, for a change of 130.11%, when rounded to the nearest whole percentage point is 130%.  Indexed dollar amounts have increased by 120% in prior years, and will increase 10% effective July 1, 2012, with the new amounts listed on the following chart.

The history of dollar amounts at various dates is available by reviewing prior official notices, or within the Commerce Department’s web site www.commerce.state.mn.us.  The original and current dollar amounts are as follows:

The next published adjustment is scheduled on or before April 30, 2014, for July 1, 2014 based on the December 2013 index.