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_•^2.�•594 �
<br /> • - Exemption From The Property Tax Of Improvements
<br /> �Iade To Homes 35 Years Of Age Or Older
<br /> Read the following information before completin� the application for exemption from the property taz of
<br /> improvemenu made to homes 35 yean of a�e or older.
<br /> yiinaesota law encoura�es propeny o«�ners to restore or renovate their older homes. This law, commonly reierred to as
<br /> "'Ihis Old House" exempts from the property tax all or a portion of the value of improvements made to homes 3� years oF
<br /> age or older. -
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<br /> In order to be�ligible for exemption, the propem must meet the follo�3ring thres criteria:
<br /> 1. Property must be 3� years of a�e or older at the cime che improvemenu commenc�.
<br /> 2. Property must be receiving the homescead class:fication. This includes property c:�ssined as residendal hocnestead
<br /> (inciuding duplexes and tripieses)blind/paraple3ic vete:an/disabied homestead and agricultural homestead. Relatn-e
<br /> homesteads are eligible for the exe:nouon.
<br /> ;. The total market value of the propeny must be less than S 1�0,000 (residential: land and buildings; agricultural:
<br /> houselgarage.�l acre). In special circumstances, a propercy�vith a total market value of$I�0,000 or more but less t�u
<br /> 5300,000 may qualify for the exemotion. In these instances,your assessor�czll help you determine if your property is
<br /> eligible for the e�emption. Properties with a total market value of S.i00,OQ0 or more do not qualify for the exemprioa
<br /> Lf vour prooem� is a condominium and��our li��ing unit is ;�c�iving the homestead classification, any improveme:its made
<br /> to the unit would qualify ior the exemption. Improvements to common areas are not eligible. If your prooerty is a duplez
<br /> or triples and it is racei�in�the homestead classification, improvemenu madz to anv portion of the propetcy qualify for the
<br /> �semption from the progem•tas. If�•our propercti is used as a homestead and for a non-residential use,the esemption
<br /> applies only to improvements made to the residential porcion of the propem•receiving the homestead classi�ication. For
<br /> �:sample, if your property is used bath for a residence and for a business, the esempaon applies only to the improvemeats
<br /> made to the homestesded residential portion of}•our propem�.
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<br /> OnIy improvements tha.t contribute a minimum value of S 1,000 or more to the house or garage of a property classed as
<br /> ^omestead ducing the year of the improvement qualify for the esemption from the property tax. This includes improvem�ts
<br /> ,sch�s additioas to the e:cisting house and garage, expansion of the existing house and gara;e, restoring, remodeling or
<br /> up�rading of the e:cis�ting house, addition of a porch or decic or conswction of a new gara�e. Please note that the azea
<br /> qualifying for construction of a�arage is limited to 500 square feet.
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<br /> Improvements made to the site surrounding the home do aot qualiiy for esemption. This includes such improvements to tF�e
<br /> site as: consuucrion of a feace, construction of a drive�:�a}•, installation of a la«n sprinkler system, installation of a
<br /> swimming pool 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 dermed to no
<br /> longer e:cist, and any subsequent improvemenu made to the remaining structure are considered to constitute the constzuctioa
<br /> of a new house. As a result,the value of any imQrovements�vould nat qualify for exemption. -
<br /> If any combination of improvements double the oriainal size of the structure, any improvement that further increasa the
<br /> size of the structure will not qualify for exempaon.
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<br /> ?here is a limit to the dollar value of the improvement which may be exempted. ?he limit depends on the a�e of the
<br /> property. Houses that are less than 35 years of aae do not qualify. Houses that are at least 35 years of age but less
<br /> than 70 years are limited to one-half of the value of the improvement up to a mavmum exemption of 52�,000. Housa
<br /> that are 70 years of age or older are eligible to have the tocaI value of any improvements exempted up to a maYimum of
<br /> 5�0,000. The aae of the house is based upon the number of years th�t the qualifyzng residence has e�cisted on its preseat
<br /> site.
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