1997-008910 (docks) - Laserfiche WebLink

Home Browse Search

� .�:'�ri'i94 � Exemption From The Property TaY Of Improvements Nlade To Homes 35 Years Of Age Or Older Read the following information before completing the application for exemption from the property taa of improvements made to homes 3� years of a�e or older�. Vlinnesota la�z� encourages propeny o«ners to restore or reno�ate their older homes. This la�v, commonl��referred to as "This Old House" exempts from the propem�tax all or a portion of the value of imprevements made to homes 3� years of a.�e or older. :. , ..... .. .. .T�PES flF PRQp�RTI�ELIG�BI<��R THE;E�E�iPTiO� ..::............ ..... .... .....�:.::--r.:: �::....:.<:.::..::.....::........ ..... . In order to be eligibie for eYemption, the property must meet the follo.vzng three criteria: l. Property must be 3� years of age or older at the time the improvements commence. 2. Property must be receiving the homestead classification. This includes property c:assihed as residential homestead (including dupleYes and triple�es)blind/paraplegic veteran/disabled hemestead and agncultural homestead. Relative homesteads are eligible for the exe:nption. 3. The total market value of the property must be less than�1�0,000 (residential: land and buildin�s; a�ricultural: house/�ara�e,�l acre). In spe�ial circumstances, a propem•��ith a total market value of�1�0,000 or more but less than $300,000 may qualiry for the exemption. In these instances, your assessor«�iil help you determine if your property is eli�ible for the etemption. Properties with a total market value of 5300,000 or more do not qualify for the exempcion. If vour propem� is a condominium and ��our li��in2 unit is recei�•ing the homestead classification, anv improvements made to the unit «�ould qualify for the elemption. Improvements to common arzas are not eligible. If y�our property is a duplez or triplex and it is recei��ng the homestead classification, improvements mad� to an�� porcion of tne property�qualify for the esemption from the propem�ta�. If�•our propen4� is used as a homestead and for a non-residential use, the eYemption applies onlv to improvements made to the residential ponion of the propert�- receivin�the homestead classiiication. For e�ample, if your propert�� is used both ior a residence and for a business, the e�emption applies onl��to the improvemenzs made to the homesteaded residential ponion of}�our propem�. _ _ ; ! TYPES OF.I�.IPROVE�iENT5 TH�T QLt.�LTFY FOR THE EXE'�iPTIO�I... ..... ........ ... ... . . ... . Onlv improvements that contribute a minimum value of�1,000 or morz to the house or garaQe of a property classed as homestead during the year of the improvement qualify for the e�emption from the property tax. This inc;udes improvemenu such as additions to the e�isting house and gara�e. eYpansion of the e�istina house and garage, restoring, remodeling or uparading of the eYisting house, addition of a porch or deck or construction of a ne�v�ara�e. Please note that the area qualifyin� ior construction of a�ara�e is limited to 600 square feet. .. ._.. , _ . TYPES OE:I�IPROV��'�IE�I'TS.TH�T DO:'YOT QU�LIFY FOR EXE�IPTIQN ; ....... ......: .. .::. .. :; .......... ..... ... Improvements made to the site surrounding the home do not qualifi�for esemption. This includes such improvemenu to the site as: construction of a feace, construction of a drive�;�a}�, installation of a law�n sprinkler system, installation of a s�virnming pool or tennis court, landscaping of the grounds, agricultural buildings. If more than 50 percent of the square footage of a house is torn down or razed, the ori�inal house is de�med to no longer e�cist, and any subsequent improvements made to the remaining structure are considered to constitute the construction of a new house. As a result, the value of any improvements�vould not qualify for exemption. � If any combination of improvements double the oriDinal size of the structure, anv improvement that furcher increases t�e size of the structure w-iil not qualify for e�emption. : ::�,::;::;:,;;::: :.;:;;:.:::.;::.:.,.. :.. �:: ;- : <:::;:>::>::::;:>;>>:;:;»:::>:;:<: ::::<:,.;:::.;,>.>:.::::>::.::.. _ ;;,;::::;:;. : V�iLLIE<:LIIYI.I.Tr�TI��S ::> .. . : . . ....... . . .. . ...... ... .... <. . , .. :..:.:. ...:.:.�:::.:... ..:> _..:.. .: . .......... ............ :.. ..:....: ;,: .. . There is a limit to the dollar value of the improvement which may be exempted. The limit depends on the a�e of th� property. Houses that are less than 35 years of a;e do not qualify. Houses that are at least 35 years of ape but less than 70 years are limited to one-hatf of the value of the improvement up to a ma�imum esernption of�2�,000. Houses that are 70 years of age or older are eli�ible to have the total value of any improvements exempted up to a maYimum of 5�0,000. The aDe of the house is based upon the number of years that the qualif��ing residence has existed on its presenz site.