Did you purchase a home within the last year? Did you remember to homestead that home? If not you have until December 15, 2020 to do it.
But let’s backup a minute. You may not even be sure what homestead is. Homestead is a property tax reduction program open to Minnesota Residents. This property must be your primary residence. Meaning you have to live there. And if you do the State of Minnesota will reward you with a reduction in your property taxes. According to their website the homestead classification can reduce the taxes on a residential property up to $304 per year.
To homestead and get this tax break all you have is fill out this form and show them proof of ownership. One of the following documents will work to show ownership. A warranty deed, a recorded contract for deed, a quit-claim-deed, or a Torrens title certificate. Basically what ever document you got at closing that granted you title to the property.
If you’re wondering if you got one of these, it’s typically given to you at the end of closing in a big folder. In fact, most closers remind you to homestead right before they hand over the folder. They put the document you need right on top.
Homestead classification remains on the property until the property’s ownership changes, you move out or the property is sold.
If you can’t remember if you’ve done this you can double check by calling the City of Minneapolis or you can do it here – Property Information.