Homestead Exemption Application Deadline In Hennepin
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FAQ
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.
You or your relative must occupy the property as the primary place of residence. You must be a Minnesota resident. If the occupant is a relative of the owner, the owner does not have to be a Minnesota resident. You must file a Certificate of Real Estate Value for homestead status to be granted.
Remove your homestead status Notify the county assessor within 30 days if you sell, move, or for any reason no longer qualify for homestead. Complete the notice-of-move form (PDF, 1MB). Email form to ao.programs@hennepin or mail to the address on the form.
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.
Homestead tax exemptions usually offer a fixed discount on taxes, such as exempting the first $50,000 of the assessed value with the remainder taxed at the normal rate. With a $50,000 homestead exemption, a home valued at $150,000 would be taxed on only $100,000 of assessed value.
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.
The Senior Citizens Property Tax Deferral Program allows property taxpayers who are 65 years or older, and whose total household income is $96,000 or less, to defer a portion of their homestead property taxes until some later time.
