What are the benefits of homestead When should I apply? After purchasing and moving into a new home, you classification? A homestead classification qualifies your property should apply for homestead as soon as possible. You for: may apply for homestead at any time during the year. If you move into the home by December 1 of the year a classification rate of 1.00% on up to and apply by December 15, you may qualify for taxes $500,000 in taxable market value (this rate payable the next year. Applications are available on the is 1.25% for non-homestead residences) a market value exclusion, which may County’s website. reduce the taxable market value property’s How often must I apply? other programs such as the disabled If your property has been granted homestead market value exclusion, senior veterans’ classification, you do not need to reapply. However, the property tax deferral, and property citizens’ County Assessor may at any time ask you to provide an tax refunds additional application or other documentation to verify that you continue to meet the requirements for The homestead market value exclusion applies to all homestead treatment. homesteads (on farms, it applies to the house, garage, and one acre of land immediately What should I do if I move, sell my property, or surrounding the house). All homesteads valued at change my marital status? less than $413,800 can have their taxable value You must notify the assessor within 30 days if you reduced by the exclusion. move, sell your property, or your marital status and/or occupancy of your spouse changes. If you fail to notify How do I qualify? the assessor within 30 days, the property may be To qualify for a homestead, you must: assessed a penalty. be an owner of the property occupy the property as your primary What if my property is held under a trust? residence Property held under a trust may also qualify for be a Minnesota resident homestead if occupied by a grantor or qualifying relative of the grantor of the trust. For more information How can I apply? contact your County Assessor. Applications for homestead are made to, and approved by, the County Assessor in the county What if I have other questions? where your property is located (“County”). If you have questions or need more information related to homestead qualification, contact your County information is also Assessor’s office. Additional available through the Minnesota Department of Revenue.
What are the benefits of homestead classification? A homestead classification qualifies your property for: a classification rate of 1.00% on up to $500,000 in taxable market value (this rate is 1.25% for non-homestead residences) a market value exclusion, which may reduce the property’s taxable market value other programs such as the disabled veterans’ market value exclusion, senior citizens’ property tax deferral, and property tax refunds The homestead market value exclusion applies to all homesteads (on farms, it applies to the house, garage, and one acre of land immediately surrounding the house). All homesteads valued at less than $413,800 can have their taxable value reduced by the exclusion. How do I qualify? To qualify for a homestead, you must: be an owner of the property occupy the property as your primary residence be a Minnesota resident How can I apply? Applications for homestead are made to, and approved by, the County Assessor in the county where your property is located (“County”). When should I apply? After purchasing and moving into a new home, you should apply for homestead as soon as possible. You may apply for homestead at any time during the year. If you move into the home by December 1 of the year and apply by December 15, you may qualify for taxes payable the next year. Applications are available on the County’s website. How often must I apply? If your property has been granted homestead classification, you do not need to reapply. However, the County Assessor may at any time ask you to provide an additional application or other documentation to verify that you continue to meet the requirements for homestead treatment. What should I do if I move, sell my property, or change my marital status? You must notify the assessor within 30 days if you move, sell your property, or your marital status and/or occupancy of your spouse changes. If you fail to notify the assessor within 30 days, the property may be assessed a penalty. What if my property is held under a trust? Property held under a trust may also qualify for homestead if occupied by a grantor or qualifying relative of the grantor of the trust. For more information contact your County Assessor. What if I have other questions? If you have questions or need more information related to homestead qualification, contact your County Assessor’s office. Additional information is also available through the Minnesota Department of Revenue.