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��'+94
<br /> Exemption From The Property Tax Of improvements
<br /> Nlade To Homes 35 Years Of Age Or Older
<br /> Read the following information before completing the application for exemption from the property taa of
<br /> improvements made to homes 35 years of age or older.
<br /> ;12innesota law encourages property o«mers to restore or renovate their older homes. This la�v, commonly referred to as
<br /> "This Old House" exempts from the properry tax all or a portion of the value of improvemenu made to homes 3� years of
<br /> a.ge or older.
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<br /> In order to be eligible for exemption,the property must meet the follo�ving three criteria:
<br /> I. Propertv must be 3� years of a�e or older at the time the improvements commence.
<br /> Z. Properry must be receiving the homestead classification. This includes property classified as residential homestead
<br /> (including duplexes and tripleses)blind/pazaplegic veteran/disabled homestead and agricultural 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/1 acre). In special circumstances, a property��ith a total market value of�1�0;000 or more but less than
<br /> �300,000 may qualify for the eYemption. In these instances, your assessor n�ill help you determine if your property is
<br /> eligible for the exemption. Propenies with a total market value of$300,000 or more do not qualify for the exemption.
<br /> If your propert�� is a condominium and vour living unit is rec�i��ing the homestead classification, any improvements made
<br /> to the unit w•ould qualify for the exemption. Improvements to common areas are not eligible. If your property is a duplez
<br /> or triplex and it is recei�zng the homestead classification, improvements made to an�•porcion of the propem•qualify for the
<br /> esemption from the propem•tas. If�•our propem• is used as a homestead and for a non-residential use,the esemption
<br /> applies onlv to improvements made to the residential portion of the propem- receivin�the homestead classification. For
<br /> e�cample, if your propercy is used both for a residence and for a business. the e�emption applies onl��to the improvements
<br /> made to the homesteaded residential portion 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 esemption from the property tax. This includes improvements
<br /> such as additions to the eYisting house and gara�e. expansion of the esistin�house and gara;e, restoring, remodeling o�
<br /> upgrading of the esisting house, addition of a porch or deck or construction of a ne�v garage. Please note that the area
<br /> qualifying for construction of a garage is limited to 600 square feet.
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<br /> Improvements 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 drivewa}•, installation of a la�rn sprinkler s�stem, installation of a
<br /> s�Limming pool or tennis court, landscapin� of the grounds, agricuttural buildin�s.
<br /> If more than 50 percent of the square foota;e of a house is torn down or razed, the original house is deemed to no
<br /> longer exist, and any subsequent improvements 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 original size of the structure, anv improvement that further increases the
<br /> size of the structure«rill not qualify for eYemption.
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<br /> There is a limit to the doilar value of the improvement which may be exempted. The limit depends on the age of the
<br /> property. Houses that are less than 35 years of a;e do not qualif�. Houses that are at least 35 years of aee but less
<br /> than 70 years aze limited to one-half of the value of the improvement up to a m��imum esemption of�2�,000. Houses
<br /> that are 70 years of aae or older are eligible to have the total value of any improvements exempted up to a masimum of
<br /> 5�0,004. The age of the house is based upon the number of years that the qualifyzn� residence has e�cisted on its presear
<br /> site.
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