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�?';94
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<br /> Exemption From The Property Tax Of Improvements
<br /> Nlade To Homes 35 Years Of Aae Or Older
<br /> Read the following information before completin�the application for exemption from the property taz of
<br /> improvements made to homes 35 years of a;e or older.
<br /> yiinnesota law encourages property o�zaers to restore or renovate their older homes. This law, commonly referred to as
<br /> "This Old House" exempts from the propert��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 eligible for esemption,the propem must meet the follo�zzng three criteria:
<br /> 1. Property must be 3� years of a�e or older at the time the improvements commence.
<br /> 2. Property must be receiving the homestead classification. This includes property classified as residential homestead
<br /> (including duplexes and tripleses)blindlparaplegic veteran/disabled homestead and a�ricultural homestead. Relative
<br /> homesteads are eligible for the exemption.
<br /> 3. The total market value of the property must be less than�1�0,000 (residential: land and buildings; agricultural:
<br /> house/garage/l acre): In special circumstances, a property�vith a total market value of�1�0,000 or more but less thaa
<br /> �300,000 may qualify for the exemption. In these instances,your assessor«�ill help you determine if your property is
<br /> eligible for the eYemption. Propenies wzth a total market value of�300,000 or more do not qualify for the exempdocL
<br /> If your propem�is a condominium and�•our living unit is rec�iving the homestead ctassification, an�� improvements made
<br /> to the unit w•ould qualify for the exemption. Improvements to common areas are not eligible. If�our property is a dupfe=
<br /> or triples and it is recei�zng the homestead classification, improvements made to an�•portion of the propem qualify for the
<br /> e:cemption from the propem•ta�. If vour propem� 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 property receiving the homestead classification. For
<br /> e�cample, if your property is used both for a residence and for a business.the e�emption applies onl��to the improvemenu
<br /> made to the homesteaded residential ponion of your propem�.
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<br /> Only improvements that contribute a minimum value of�1,000 or more to the house or garage of a property classed as
<br /> homestead during the year of the improvement qualif��for the etemption from the property tax. This includes improvemenu
<br /> such as additions to the existin�house and garage, eYpansion of the e�isting house and gara�e, restoring, remodeling or
<br /> upgrading of the existing house, addition of a porch or deck or construction of a ne�v garage. Please note that the uea
<br /> qualifying for construction of a garage is limited to 600 square fe�t.
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<br /> Improvements made to the site surrounding the home do not qualify for e�cmption. This includes such improvements to the
<br /> site as: construction of a fence, construction of a drivew�a}•,installation of a lawa sprinkler s�stem,installation of a
<br /> s�vimming pool or tennis court, landscaping of the grounds,agricultural buildings.
<br /> If more than 50 percent of the square footage of a house is torn down or razed,the original house is deemed to no
<br /> longer exist, and any subsequent irnprovements made to the remaining structure are considered to constitute the construction
<br /> of a new house. As a result,the value of any improvements�vould not qualify for exemption. •
<br /> If any combination of improvements double the ori;inal size of the structure, an�• improvement that further increases the
<br /> size of the structure will not qualify for eYempaon.
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<br /> ?here is a limit 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 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 ma�imum eYemption of�2�,000. Houses
<br /> that are 70 years of aDe or older are eligible to have the total value of am• improvements exempted up to a ma�cimum of
<br /> 5�0,000. The aae of the house is based upon the number of years that the qualif�ln� residence has e�cisted on its preseat
<br /> site.
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