Minnesota Homestead Classification

I was talking with Edina Realty Realtor Ray Klotz today and asked him about the Minnesota Homestead Classification. Here's how this works: The residential homestead classification


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

1 comment:

  1. 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.

    Add 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.


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