Homestead Act Information With Tax In Hennepin
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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.
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.
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
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.
The Minnesota Homestead Credit Refund can provide relief to homeowners paying property taxes. To qualify, you must: Own and occupy a home. Have your home classified as a homestead with your county.
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.
