Skip to content

Adjustments of Dollar Amounts


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 not increase effective July 1, 2014. 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 Domestic Product.

Statute establishes that the percentage 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 the dollar amounts shall change only in multiples of ten percent. Information provided by the U.S. Department of Commerce, Bureau of Economic Analysis, indicates the percentage change from the revised reference base to be 3% calculated to the nearest whole percentage point as required. The index for December 2011 is the reference base index for adjustments, with 2005=100. The index was revised nationally to 2009=100. The index for December 2011 is 103.783, increasing to 107.121 in December 2013, for a change of 3.22%.

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


Original


7-1-12
10% Increase
 

Chapter 325G

  

  

Credit Extended: M.S. § 325G.22, subd. 1

3,000
6,900

Chapter 550

  

  

Personal Goods: M.S. § 550.37, subd. 4

$4,500

$10,350

Wedding Ring: § 550.37, subd. 4 (eff. 6-3-05)

$1,225

$2,817.50

Business: M.S. § 550.37, subd. 6

$5,000

$11,500

Insurance Benefits

$20,000

$46,000

Addt'l Dependent: M.S. § 550.37, subd. 10

$5,000

$11,500

Motor Vehicle

$2,000

$4,600

Modified for Disability

$20,000

$46,000

Minimum Cost of Modification: M.S. § 550.37, subd. 12a

$1,500

$3,450

Accrued Interest: M.S. § 550.37, subd. 23

$4,000

$9,200

Employee Benefits: M.S. § 550.37, subd. 24

$30,000

$69,000

Chapter 510

Homestead exemption M.S. §510.2, subd.1

$300,000

$390,000

M.S. §510.2, subd.1

$750,000  

  $975,000

 

The next published adjustment is scheduled on or before April 30, 2016, for July 1, 2016 based on the December 2015 index.