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How are claims filed? Refund claims are filed using Minnesota Department of Revenue (DOR) Schedule M1PR. Schedule M1PR is filed separately from the individual income tax form. Claims filed before August 15, 2023, will be paid beginning in August 2023.
What is the homestead credit refund program? the maximum refund decreases. The program uses household income, a broad measure that includes most types of income, including income that is not subject to income tax. Deductions are allowed for dependents and for claimants who are over age 65 or disabled.
The renter's property tax refund program (sometimes called the ?renters' credit?) is a state-paid refund that provides tax relief to renters whose rent and ?implicit property taxes? are high relative to their incomes. ?Rent constituting property taxes? is assumed to equal 17 percent of rent paid.
Get the tax form called the 2022 Form M-1PR, Homestead Credit Refund (for Homeowners) and Renter Property Tax Refund. You can get it from a library, call (651) 296-3781, or write to: MN Tax Forms, Mail Station 1421, St. Paul, MN 55146-1421.
Effective beginning with assessment year 2024. EXPLANATION OF THE BILL Under current law, the homestead market value exclusion reduces the taxable market value for all homesteads valued below $413,800. The exclusion is 40% of the first $76,000 of market value, yielding a maximum exclusion of $30,400.