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<br /> Exemption From The Property Tax Of Improvements
<br /> Nlade To Homes 35 Years Of Age Or Older
<br /> Read the following information before completing the application for exemption from the property taz of
<br /> improvements made to homes 35 years of a;e or older.
<br /> Minnesota law encourages property o«�ners to rescore or renovate their older homes. This law, commonly referred to as
<br /> "This Old House" exempts from the property ta.Y all or a portion of the value of improvemenu made to homes 35 yeazs of
<br /> age or older.
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<br /> In order to be eligible for exemption,the property must meet the follo�ving three criteria:
<br /> 1. Property must be 35 years of age or oider at the time the improvements commence.
<br /> 2. Property musc be receiving the homestead classification. This includes property classified as residential homestead
<br /> (including duplexes and tripleses)blind/paraplegic veteran/disabled homestead and agricultural homestead. Relative
<br /> homesteads are eligible for the exemption.
<br /> 3. The total mazket value of the property must be less than�1�0,000 (residential: land and buildings; agricultural:
<br /> house/gazage/1 acre). In special circumstances, a property��ith a total market value of$1�0,000 or more but less t3�
<br /> $300,000 may qualify for the eYemption. In these instances,your assessor��ill help you determine if your property is
<br /> eligible for the e�emption. Properties with a total market value of$300,000 or more do not qualify for the exemptioa
<br /> If your propem� is a condominium and}�our living unit is receiving the homestead classification, anv improvemenu ma�e
<br /> to the unit would qualify for the exemption. Improvements to common areas are not eligible. If your property is a duplez
<br /> or triplex and it is receiving the homestead classification, improvements made to am•portion of the property qualify for the
<br /> e:cemption from the property tas. If vour propem•is used as a homestead and for a non-residential use,the eYemption
<br /> applies only to improvements made to the residential portion of the property receiving the homestead classification. For
<br /> e:cample, if your property is used both for a residence and for a business, the e�emption applies only to the improvements
<br /> made to the homesteaded residential portion of your propem�.
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<br /> Only improvemenu that contribute a minimum value of�1,000 or more to the house or garage of a property classed as
<br /> homestead during the year of the improvement qualifi�for the esemption from the property tax. This includes improvemeats
<br /> such as additions to the existing house and garage. eYpansion of the eYisting house and garage, restoring, remodeling or
<br /> upgrading of the esisting house, addition of a porch or deck or construction of a ne�v garage. Please note that the area
<br /> qualifying for construction of a�arage is limited to h00 square feet.
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<br /> Improvements made to the site surrounding the home do not qualifi�for esemption. This includes such improvements to the
<br /> site as: eonstruction of a fence, construction of a drive��a��,installation of a la�vn sprinkler system, installation of a
<br /> swirnming pooI or tennis court, landscaping of the grounds,agricultural buildings.
<br /> If more than 50 percent of the square foota;e of a house is torn down or razed,the original house is deemed to no
<br /> longer exist, and any subsequent improvements made to the remaining structure are considered to constitute the construction
<br /> of a new house. ?►s a result,the value of any improvements�vould not qualify for exemption. •
<br /> If any combination of improvements double the original size of the structure, anv improvement that further increases t�e
<br /> size of the structure will not qualify for eYemption.
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<br /> There is a limit to the dollar value of the improvement which may be exempted. The limit depends on the age of the
<br /> property. Houses that are less than 3�years of age do not qualify. Houses that are at least 35 years of ase but less
<br /> than 70 years are limited to one-half of the value of the improvement up to a ma�imum exemption of�2�,000. Houses
<br /> that are 70 years of age or older are eli�ible to have the total value of any improvements esempted up to a ma.Yimum of
<br /> ��0,000. The aae of the house is based upon the number of years that the qualifying residence has e:cisted on its preseat
<br /> site.
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