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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 Statute §550.37, and the homestead exemption in Minnesota Statute §510.02 will increase effective July 1, 2018.  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 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 10% 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 rebased index for December 2011 is 103.917, increasing to 114.275 in December 2017, for a change of 9.97%.

The original and current dollar amounts are as follows:

Adjustments of Dollar Amounts Original 7-1-18 (10% Increase)
Chapter 325G

Credit Extended: Minnesota Statute §325G.22, subd.1 3,000 7,590
Chapter 550

Personal Goods: Minnesota Statute §550.37, subd.4 $4,500 $11,385
Wedding Ring: Minnesota Statute §550.37, subd.4 $1,225 $3,099.25
Business: Minnesota Statute §550.37, subd.6 $5,000 $12,650
Insurance Benefits $20,000 $50,600
Additional Dependent: Minnesota Statute §550.37, subd.10 $5,000 $12,650
Motor Vehicle $2,000 $5,060
Modified for Disability $20,000 $50,060
Minimum Cost of Modification: Minnesota Statute §550.37, subd.12a $1,500 $3,795
Accrued Interest: Minnesota Statute §550.37, subd.23 $4,000 $10,120
Employee Benefits: Minnesota Statute §550.37, subd.24 $30,000 $75,900
Chapter 510
Homestead Exemption: Minnesota Statute §510.2, subd.1 $300,000 $429,000
Minnesota Statute §510.2 subd.1 $750,000 $1,072,500

The next published adjustment is scheduled on or before April 30, 2020, for July 1, 2020 based on the December 2019 index.

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