Homestead Exemption Fort Worth In Hennepin
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FAQ
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.
There are multiple ways to file a Homestead Exemption application Form 50-114, however the online option is the fastest, and details are provided in the transcript below.
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.
You must own and occupy the property as your primary place of residence by December 31st of the assessment year. You must be a Minnesota resident. (If a residential property is the primary residence of a qualifying relative of an owner, it is not necessary for the owner to be a Minnesota resident.)
The homestead classification provides a property tax credit for property that is owned and occupied by the owner. Own and occupy the home on January 2 for a full year homestead or May 29 for a mid-year homestead of that year. Occupy the property as your primary residence. Be a Minnesota resident.
