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v 7i:Ft'rL�7i94 Exemption From The Property Tax Of improvements i�Iade To Homes 3� Years Of Aae Or Older Read the following information before completing the application for exemption from the property ta.z of improvements made to homes 35 years of a�e or older. �linnesota law encourages property o«�ners to restore or renovate their older homes. This law, commonly refezred to as "This Old House" esempts from the propem�tax all or a portion of the value of improvements made to homes 3� years of age or older. ,. ..: , ; - : ; ;: 'I'I�PES�F PRQP;ERT'1�:�LIGIBI��'OR TH�E�E�IPTIO�I :..:.:.::..::... ...�-�� --.....,..: ::: :::....:.::;..............::... ..... .: . In order to be eligible for eYemption, the propem must meet the follow�ng three criteria: 1. Property must be 3� vears of age or older at the time the improvements commence. 2. Propert��must be receiving the homestead classification. This includes property ciassified as resideatial homest:ad (including duplexes and triple�es)blind/paraplegic veteran/disabled homestead and agricultural homestead. Relative homesteads are elieible for the eYemption. 3. The total market value of the praperty must be less than �1�0,000 (residential: land and buildings; agricultural: house/�ara�e,�l acre). In special circumstances, a propem•��ith a total market value of�1�0,000 or more but less t�au $300,000 mav qualin• for the exemotion. In these instances, your assessor�t�i11 help you determine if vour propertv is eli�ible for the e�emption. Properties with a totai market value of��00,000 or more do not qualify forthe exemp�arL If vour prooem� is a condominium and��our living unit is rec�iving the homestead classification, an�� improveme:its ma�e to the unit wouid qualify for the e�emption. Improvements to common areas are not eligible. If your property is a duplez or triples and it is recei�zng the homestead classification, improvements made to am�portion of the property qualify for the eYemption from the prooem�tas.. If�•our propem- is used as a homestead and for a non-residential use, the esempt:on applies only to improvements made to the rzsidential ponion of the property receiving the homestead classification. For e�cample, if your property is used both ior a residence and for a business. the e�emption applies onl��to the improvements made to the homeste�ded residential portion of vour propem�. _.... _. _ ,. - : ' �'YPES OE;,I�TPROVE�IE'VTS TH:�T' QL��LIEX.�'OR;THE E,�E'�iPTIO�f ..... ... . .:. ' . .. ..._... _. .. Only improvements that contribute a minimum value of�1,000 or more to the house or garage of a property classed as homestead durin�the�ear of the improvement qualify for the esemption from the property tax. This includes improve�enu such as additions to the esisting house and�arage, eYpansion of the e�istin�house and garage. restorino, remodeling or upgrading of the eYisting house, addition of a porch or deck or consiruction of a ne�v garage. Please note that the area qualifying for construc:ion of a�araae is limited to h00 square feet. _. _ . , . , . .... ....'`... .. ... .TYPES.fl�'��IPRO V�'YIE'�ITS,TH�T;DO �'�';OT QU�LI�Y FQR EXE�IPTTQi� ;... ..;:: .._ :>.. Improvements made to the site surrounding the home do not qualify for esemption. This includes such unprovemenu to the site as: construction of a fence, construction of a drive�i�a}�, installation of a la«n sprinkler system, installation of a stivimming pool or tennis court, landscaping of the grounds, a�ricultural buildin�s. If more than 50 percent 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 construction of a new house. As a result, the value of any improvements would not qualify for exemption. - If any combination of improvements double the ori;inal size of the structure, anv improvement that further increases ti�e size of the structure�uill not qualify for e�emption. ,. < , .. , : ; �`�LUE.IIINIITr;iTiO�IS > ' � . , ... ........ ;. ... . « .... There is a�limit to the doilar value of the improvement which may be exempted. The limit depends on the age of the property. Houses that are less than 3� years of aDe do not qualif�•. Houses that are at least 3� years of age but less than 70 years are !imited to one-half of the value of the improvement up to a ma�imurrr e�emption of�2�,000. Houses that.are 70 years of ase or older are eligible to have the total value of any improvements e�empted up to a ma.Yimum of 5�0,000. The age of the house is based upon the number of}�ears that the qualifying residence has e�cisted on its presenz site.