What is the Minnesota Homestead Tax Credit? If you've purchased a home, you may have heard about the Minnesota Homestead Tax Credit, but what exactly is it? Read our blog to learn how you may qualify!

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Minnesota's Homestead Tax application is a valuable tool for homeowners looking to save on their property taxes. The application is available to homeowners who meet certain eligibility requirements, including owning and living in the property as their primary residence. Homeowner's must also be a resident of Minnesota.

To apply for the Homestead Tax, homeowners must first complete and submit a Homestead Application Form, which is available on the Minnesota Department of Revenue's website. The form must be submitted along with proof of ownership and residency, such as a copy of the homeowner's driver's license and a utility bill.

Once a homeowner has applied and been deemed eligible for the tax credit by their county assessor's office, they do not need to reapply. 

In addition to the Homestead Credit, Minnesota also offers other property tax relief programs for eligible homeowners. These include the Property Tax Refund, which provides a refund for a portion of the property taxes paid by eligible homeowners, and the Property Tax Deferral, which allows eligible seniors and disabled homeowners to defer their property taxes until the property is sold or the homeowner passes away.

Overall, the Minnesota Homestead Tax application is a valuable resource for eligible homeowners looking to save on their property taxes. By applying for the Homestead Credit and taking advantage of other property tax relief programs, homeowners can significantly reduce their tax burden and keep more money in their pockets.

Let us know  if you have any questions about buying or selling a home in the Twin Cities. One of our experienced realtors will be in touch as soon as possible.