Homestead Act Benefits In Hennepin
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Homestead Market Value Exclusion Increased During its 2023 session, the Minnesota State legislature authorized a modification was authorized to increase the homestead market value exclusion for homesteads to $517,200. The purpose of this revision was to keep pace with increases in home values since 2012.
It reduces the Taxable Market Value of the property (for properties valued under $414,000 only), thereby lowering taxes, and. It is one of the qualifying factors for homeowners to receive the State of Minnesota Property Tax Refund.
For homesteads valued at $95,000 or less, the exclusion is 40% of the market value, creating a maximum exclusion of $38,000. The exclusion is reduced as property values increase and phases out for homesteads valued at $517,200 or more.
You may qualify for homestead if you answer yes to any of these statements: You are a Minnesota resident. You own the property in your own name — not as a business entity. You live in the property year-round. You or your property co-owner have a social security number or an individual taxpayer identification number.
Here's how a homestead exemption can translate to savings. A homestead valued at $400,000, taxed at 1%, is eligible for an exemption of $50,000. The property's taxable value will be $350,000, and the tax bill $3,500. Without the exemption, the property tax bill would be $4,000.
To qualify for the homestead classification you must: Occupy the property listed on the application as your primary residence; Be one of the owners of the property listed on the application, or a qualifying relative; Be a Minnesota resident.
Class Rates for Taxes Payable in 2025 Property TypeClass Rate (%)Tax Code(a) Residential Homestead(b) Up to $500,000(c) 1.0 R Over $500,000 1.25 R Residential Nonhomestead46 more rows
Homestead It reduces the taxable market value of the property (for properties valued under $413,800 only), which in turn may lower taxes. It is one of the qualifying factors for homeowners to receive the State of Minnesota Property Tax Refund.
By decreasing the taxable market value, net property taxes are also decreased. For homesteads valued at $76,000 or less, the exclusion is 40% of the market value, creating a maximum exclusion of $30,400. The exclusion is reduced as property values increase, and phases out for homesteads valued at $413,800 or more.
