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, :.:R.Tr?'i94 . Exemption From The Property Tax Of Improvements " Nlade To Homes 35 Years Of Age Or Older Read the following information before completing the application for exemption from the praperty taz of improvements made to homes 35 years of a�e or older. �Iinnesota.la�r encourages properry o«-ners to restore or renovate their older homes. This la�v, commonly referred to as "This Old House" exempts from Lhe propem�tax all or a poRion of the value of improvemenu made to homes 3� years of a.�e or older. ,. .. ,, : :. _ ,. ;�::.::.:;::.;:..:.; .... ...:.. 'I'YPES flF PRQP�RTI� ELIG�BLE FOR<TI�E;E�E�iPTIO� :. ...:...: .......... :.:::::::..................... .... � In order to be eligible for eYemption, the propertm•must meet the followzng three criteria: 1. 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 prooerty c:assined as residential homestead (including duplexes and tripleies) blind/paraplegic veteran/disabled hemestead and agricultural homestead. Relative homesteads are eligible for the exemption. 3. The total market value of the propem� must be less than�1�0,000 (residential: land and buildings; agricultural: house/�ara�e/1 acre). In special circumstances, a propem��vith a tocal market value of�I�O,G00 or more but less thau $300,000 may qualify for the eYemption. In these instances, your assessor«�ill help you determine if your property is eligible for the exemption. Properties with a totai market value of�300,000 or more do not qualify for the exemptiocL If vour propem� is a condominium and �•our li�•ing unit is receivin� the homestead classification, anv improvements made to the unit w�ould qualify for the elemption. Improvements to common areas are not eligible. If your property is a duplez or triplex and it is recei�zng the homestead classification, improvements made to am� portion of the propem�qualify for the esemption from the propem�ta�. If��our propert� is used as a homestead and for a non-residential use, the eYemption appiies only to improvements made to the residential portion of the propem� receivina the homestead classihcation. For esample, if your propert�� is used beth ior a residence and for a business, the e�emption applies on(��to the improvements made to the homesteaded residential portion of}�our propem�. .: .. , .. __ _; TYPES O�'.I�IPROVE'�IENTS TH.�T QLF.�LTF�'�'OR THE E.?CE'�iPTION.. . ;. . . . :::::.::. .... ...... . . ........ ..... Only improvements that contribute a minimum value of�1,000 or more to the house or garaae of a proper�•classed as homestead during the year of the improvement quatifv for the zsemption from the property tax. This inc.udes improvements such as additions to the e�isting house and�ara�e, eYpansion of the e�istin�house and gara�e, restoring, remodeling or upgrading of the esisting house, addition of a porch or deck or construction of a ne�v garage. Please aote that the area qualifying ior construction of a�ara�e is limited to h00 square feet. ; _ _. _. . r::�:: . .:..:. :..... .: TYPES.OE I�IPRO1��'�IENTS:TH�T DO;�'�'OT,,QU�I:I�Y.FOR EXE�IPTIQI� :::....... ........ :::::::: Improvements made to the site surrounding the home do not qualifir for esemption. This includes such improvements to the site as: construction of a fence, construction of a drive«�a��, installation of a lawn sprinkler sy�stem, installation of a s�virruning pool or tennis court, landscapin� of the grounds, a�ricultural buildin�s. If more than 50 pertent of the square footage of a house is torn down or razed, the original house is deemed to no longer e�cist, and any subsequent improvements made to the remaining structure are considered to constitute the conswction 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 further inereases the size of the structure wi11 not qualift�for exemption. , .; :.,, .:. ::::<:::;;::>::>:.;::>:::;:<>:::;::>>::::::::>:: _ ,>:: ><:>:«<::<:>:>:::::::;::�:::<:<>;::<::::�::::::;>:;:::<:.:>:::;::::::;::: < . >�.::>:..�:>.:::::»;:::<:;;:::::«::>:>:�>::>:�::;:;�:<::: ' .. :: V.�L,UE<;I��f.VliTi�.Ti4�S ' ::..... .. , ;;:.:; ::. ..:::....... :,:: .: .,..: ...;,_..:....:.. _ ..... .. .... ' .;.:: _::< ...... ... :. . ... There is a limit to the dollar va]ue of the improvement which may be ezempted. The limit depends on the a�e of the proper[y. Houses that are less than 35 years of age do not qualify. Houses that are at least 35 years of aDe but less than 70 years are !imited to one-half oFthe value of the improvement up to a ma�imum eYemption of�2�,000. Houses that are 70 years of age or older are eli�ible to have the total value of any improvements e�empted up to a maYimum of 5�0,000. The age of the house is based upon the number of years that the qualift•ing residence has esisted ori its presenz SILe.