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'�Z.��9y .
<br /> ' . Exemption From The Property Tax Of improvements
<br /> '� i4lade To Homes 35 Years Of Age Or Older
<br /> Read the followin; information before completin� the application for exemption from the property taz of
<br /> improvements made to homes 35 years of a�e or older.
<br /> viinaesota law encourages propercy o�t�ners to restore or renovate their older homes. This law, commonly referred to as
<br /> '"Ihis Old House"e:cempts from the property tas alI or a portion of the value of improvements made to homes 35 years of
<br /> age or older.
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<br /> Ia order to be eli�ble for e.cemption, the property must mert the following three criteria:
<br /> 1. Propemr must be 3� years of age or older at the time the improvements commence.
<br /> 2. Property must be receiving the homestead classification. This includes propem classified as residenaal homestzad
<br /> (inciuding dupleYes and triplexes)blind/paraplegic vetecan/disabled homestead and a�ricultural homestead Relative
<br /> homesteads are eligible for the ese:nption.
<br /> ;. The total market value ofthe propercy must be less than�1�0,000 (residential: land and buildings; agricultnral:
<br /> housdgarage/l acre). In special circumstances, a property�vith a total market value of�1�0,000 or more but less th�u
<br /> 5300,000 may qualifs-for the exemption. In these instances,your assessor«111 help you determine if your property is
<br /> eligible for the exemption. Propercies with a total market value of�300,000 or more do not qualify for the exemptia�
<br /> If your propem� is a condominium and�-our li�zng unit is rec�iving the homestead cEassification, any improvements ma�de
<br /> to the unit would qualify for the exemption. Improvements to common areas are not eligible. If�our propercy is a duplez
<br /> or triples and it is recei�zng the homestead classification, improvements made to an�•portion of the property qualify for the
<br /> esemption from the propem•ta.i. If vour propem' is used as a homestead and for a non-residential use,the exemption
<br /> applies onlv to improvements made to the residentiat ponion of the propert�receiving the homestzad classification. For
<br /> e:sample, if your propercy is used both ior a residence and for a business, the e�empcion applies onl��to the improvemeats
<br /> made to the homesteaded residencial portion of}•our propert�•.
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<br /> Only improvements that contribute a minimum value of�1,000 or more to the house or gara�e of a propezty classed as
<br /> homestead during the year of the improvement qualify for the esemption from the property tax. This includes improveaients
<br /> such as additions to the e:risting house and garage, espansion of the e�cistin�house and gara.ge, restoring, remodelin�or
<br /> upgrading of the�cisting house, addition of a porch or deck or construction of a ne�v gara�e. Please note that the area
<br /> qualifying for construction of a garage is limited to 500 squaze feet.
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<br /> Improvemenu made to the site surrounding the home do aot qualin�for exemprion. This includes such improvements to the
<br /> site as: construction of a fence, construction of a driveway,installation of a la�tin sprinkler s�stem,installation of a
<br /> syvimming pooI or tennis court,landscaping of the grounds,a�ricultural buildings.
<br /> If more than 50 percent of the square footaae of a house is torn down or razed,the original house is dermmed to no
<br /> longer e�cist, and azry subsequent improvements made to the remaining structure are considered to constitute the constru�on
<br /> of a aew house. As a result,the value of any improvements�vould not qualify for exemption. -
<br /> If any combination of impcovements double the oriainal size of the structure,any improvement that further increases tbe
<br /> size of the mucture will not qualify for exemption.
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<br /> ,There is [imit to the dollar value of the.improvement which may be exempted. The limit depends on .��
<br /> � the age of the
<br /> property. Houses that are less than 3�years of ane do not qualify. Houses that are at least 35 yean of aae but less
<br /> than 70 years aze limited to one-haIf of the vaIue of the improvement up to a ma..�imum esemption of�2�,000. Houses
<br /> that are 70 years of ase or older are eligible to have the total value of any improvements exempted up to a masimum of
<br /> 5�0,000. The aae of the house is based upon the number of years that the qualifying residence has e�cisted oa its presexxt
<br /> site.
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