ROCHESTER, Minn. – Homeowners in Minnesota could miss out on an opportunity to reduce their 2017 property taxes if they don’t act fast.
Next Thursday, Dec. 15, is the deadline to file a homestead application with your county assessor. To qualify, one needs to own and occupy their property on or before Dec. 1, 2016.
We talked to Mark Krupski, director of the Olmsted County Property, Records and Licensing, who says homesteads have some of their market value excluded from what gets taxed. The highest benefit is for homes valued at $76,000, where there would be an exclusion $30,400.
“So the net result would be property taxes based on a $45,600 home,” Krupski explains. “This formula kind of graduates and zeros out as we approach $413,800.”
He says even if your home is valued higher than that, there could still be benefits to homesteading.
“This year we saw some significant raises in the property taxes for residential property and so if the tax went up above 12% there’s a program that the State of Minnesota offers one time for that occurrence.”
It’s called the Property Tax Refund Program. For more information, to file electronically or download Form M1PR check out www.revenue.state.mn.us
Olmsted County Assessor’s Office 507-328-7670