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<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 taz of
<br /> improvements made to homes 35 years of a;e or older.
<br /> \�iinnesota law encourages property o�tuers to restore or renovate their older homes. This law, commonly referred to as
<br /> "This Old House exempts from the propertc tax all or a portion of the value of improvemenu made to homes 3� years of
<br /> age or older.
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<br /> In order to be eligible for exemption,the property must meet the following three criteria:
<br /> 1. Property must be 3� years of a�e or older at the time the improvemenu commence.
<br /> 2. Proper[y must be receiving the homestead classification. This includes property ctassified as residential homestead
<br /> (including duplexes and triplexes)blind/paraplegic veteran/disabled homestead and agricultural homestead. Relative
<br /> homesteads are eligible for the exer„ption.
<br /> ;. The total market value of the property must be less than 51�0,000 (residential: land and buildings; agricultural:
<br /> house/garage�l acre). In special circumstances, a property�vith a total market value of S 1�0;000 or more but less thau
<br /> $300,000 ma.y qualify for the eYemption. In these instances,your assessor«�ill help you determine if your property is
<br /> eli�ible for the exemption. Propenies with a total market value of�300,000 or more do not qualify for the exemption.
<br /> If your propem� is a condominium and��our living unit is receiving the homestead classification, any improvements made
<br /> to the unit would qualify for the exemption. Improvements to common arzas are not eligible. If your property is a dupfez
<br /> or triples and it is recei�zng the homestead classification, improvements made to am•portion of the propem•qualify for the
<br /> esemption from the propertti•tas. If�•our property is used as a homestead and for a non-residential use,the esemption
<br /> - applies only to improvements made to the residential portion of the propertv receiving the homestead classification. For
<br /> e:cample, if your property is used both for a residence and for a business, the exemption applies only to the improvemenu
<br /> made to the homeste�ded 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 vear of the improvement qualif;�for the esernption from the property tax. This includes improvements
<br /> such as additioas to the esistin�house and gara�e, espansion of the eYistin�house and garage, restoring,remodeling o�
<br /> upgrading of the esisting house, addition of a porch or deck or construction of a new�arage. Please note that the area
<br /> qualifying for construction of a garage is limited to h00 square feet.
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<br /> �Improvements made to the site surrounding the home do not qualif��for exemption. This includes such improvements to the
<br /> site as: construction of a fence, construcrion of a drive��a�•,installation of a la��n sprinkler system,installation of a
<br /> s�vimming pool or tennis courc, landscaping of the grounds,agriculmnl 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 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 ori;inal size of the structure, an�• improvement that further increases t�e
<br /> size of the structure will not qualify for esemption.
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<br /> There is a limit to the dollar value of the improvement which may be exempted. The limit depends on the age o
<br /> property. Houses that are tess than 35 years of a;e do not qualify. Houses that are at least 35 years of a;e but less
<br /> than 70 years are limited to one-half of the value of the improvement up to a maximum esemption of�2�,000. Houses�
<br /> that are 70 years of aDe or older are eligible to have the total value of any improvements exempted up to a ma.Yin►um of
<br /> 5�0,000. The aae of the house is based upon the number of years that the qualify�ing residence has e�cisted ori its preseat
<br /> site.
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