Minnesota Homestead Classification
Excerpt:
How much is the homestead credit?
The amount of the homestead credit varies depending on the market value of the property. The maximum amount of the credit is $304 for properties with a market value of $76,000. As the property’s market value increases above $76,000, the amount of the credit decreases.
Comment: Above image is from my property tax record showing that I have the Homestead Classification. Turns out that at the value of my own property, it means nothing!
Illustrated by this City of Minneapolis property tax calculator:
Our property taxes (Plymouth MN) are lower than the City of Minneapolis, but at the property value of my home, the Homestead Classification benefit is negligible
I miss MN taxes - even Hennepin County's. Compare to Kane County, IL, where we are now: http://www.co.kane.il.us/Treasurer/ptax.htm. The house we're trying to buy is in Dundee Township.
ReplyDeleteAdd that to a sales tax of 8-10.5% (depending on city), and the recently hiked state income tax, and you've got a widespread problem of politicians attempting to tax themselves out of debt. Gotta love it.