What is homestead classification and who qualifies?

A homestead classification may qualify for a market value reduction (a tax bill based on a reduced taxable value). A property that is valued at $76,000 will receive the maximum market value exclusion, this exclusion is reduced until a property value exceeds about $412,000, at which point there is no exclusion. To qualify for homestead classification and market value exclusion the property must be occupied as a person’s primary and principal place of residence for all legal purposes. In order to qualify for homestead credit, you must meet all of the following requirements:

  • You must be one of the owners of the property or be a qualifying relative of one of the owners.
  • You must occupy the property as your primary and principal place of residence for all legal purposes. Token or temporary occupancy does not qualify.
  • You must be a Minnesota resident.

Show All Answers

1. How often do I have to apply for homestead?
2. How will I know if my homestead application has been received in the Assessor's Office?
3. What about homestead for property owned by a trust?
4. What do I have to do to get homestead classification?
5. What if I move?
6. What is homestead classification and who qualifies?
7. What will happen if I file a false homestead claim?
8. Why must I provide my social security number?