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� �C2:°�?'�94
<br /> Exemption From The Property Tas 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 /> improvements made to homes .i� years of a�e or older.
<br /> �linnesota.la�;• encoura�es property o�t�ezs to restore or renovate their older homes. This law, commonly reierred to as
<br /> "This Old House" exempts from the prooem�tax all or a poRion of the value of improvements made to homes 3� years of
<br /> a.ge or older.
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<br /> In order to be eligible for esemption, the properti must me�t the follo�z-ing thre� criteria:
<br /> 1. Propem must be 3� years of age or older at the time the improvemenu commence.
<br /> 2. Propem�must be receiving the homestead ciassification. This includes prooerty c:assined as residential homestead
<br /> (including dupleYes and tnpleYes)blind/paraplegic veteran/disabied homestead and agricultural homestead. Relarive
<br /> homesteads are �ligible for the eYe:nption.
<br /> 3. The total market value ot the property must be less than�1�0,000 (residential: land and buildings; a�ricultural:
<br /> house/g3i3�e/1 acre). In special circumstances, a property�vith a total market value of�1�0,000 or more but less ti�u
<br /> �300,000 may qualii-�• for the e:cemotion. In these instances, your assessor«�ill help you determine if your property is
<br /> eligible for the exemption. Propercies w-ith a total market value of�300,000 or more do not qualify for the exemptio�
<br /> If vour prooe:t�� is a condominium and ��our IivinQ unit is receiving the homestead ciassification, anv improvements ma�e
<br /> to the unit�vould qualifv ior the e�emotion. Improvements to common areas are not eli�ible. If vour property is a dupiez
<br /> or triples and it is recei�zn�the homestead classification, improvements made to an��portion of the property qualify for the
<br /> esemption from the propem�tati. If��our propert�� is used as a homestead and for a non-residential use, the esempt�on
<br /> applies only to improvements made to the residential portion of the propem- receivina the homestead classiiication. For
<br /> e:sample, if your propercy is used both ior a residence and for a business, the e�emption applies onl��to the improvements
<br /> made to the homeste�ded residential porion oi��our propem�.
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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 propem•ciassed as
<br /> homestead during the year of the improvement qualif�� for the esemption from the property tax. This includes improve:n�nts
<br /> such as additions to the e:cisting house and garaEe. eYpansion of the e�istin�house and gara�e, restorin�, remodeling or
<br /> upgradin� of the esisting house, addition of a porch or deck or construction of a ne�v�arage. Please note that the area
<br /> qualifying ior construction of a�arage is limited to 600 square feet.
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<br /> Improvemenu made to the site surrounding the home do not qualifi�for esemption. This includes such improvements to the
<br /> site as: construction of a fence, construcrion of a drive«�a}•, installation of a la�tin sprinkler s�stem, installation of a
<br /> swirruning pool or tennis court, landscaping oi the grounds, agricultural buildings.
<br /> If more than �0 percent of the square footage of a house is torn down or razed; the original house is dermed to no
<br /> longer e�cist, 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 an}° improvements �vould not qualify for exemption. •
<br /> If any combination of improvements double the oriDinal size of the structure, anv improvement that further increases t�e
<br /> size of the structure w-ill not qualify for esemption.
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<br /> There is a Iimit to the dollar value of the improvement which may be exempted. The limit depends on the a�e of the
<br /> property. Houses that are less than 3�years of ase do not qualify. Houses that are at least 35 years of a°e but less
<br /> than 70 years are limited to one-half or 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 eligible to have the total value of any improvements e�emQted up to a maximum of
<br /> $�0,000. The ase of the house is based upon the number of years that the qualifyin� residence has e�cisted on its preseat
<br /> site.
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