Homestead Act Information For Parents In Hennepin
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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.
Homesteading Must Own a property. Occupy the property as your sole or primary residence. Be a Minnesota resident. Must be qualifying relative which include: parents, grandparents, siblings, children, grandchildren, aunts, uncles, nieces, and nephews of the owner or of the spouse of the owner.
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.
To qualify for homestead: You must own the property, or be a relative or in-law of the owner (son, daughter, parent, grandchild, grandparent, brother, sister, aunt, uncle, niece or nephew). You or your relative must occupy the property as the primary place of residence. You must be a Minnesota resident.
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.
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
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.
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.
What are the maximums? For refund claims filed in 2024, based on property taxes payable in 2024 and 2023 household income, the maximum refund is $3,310. Homeowners whose income exceeds $135,410 are not eligible for a refund.
