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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 age or older.
<br /> vlinnesota law encourages property o�z�ners to restore or renovate their older homes. This law, commonly referred to as
<br /> "This Old House" exempts from the property tax all or a portion of the value of improvements made to homes 35 years of
<br /> age or older.
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<br /> Ia order to be eligible for exemption,the propem%must meet the following three criteria:
<br /> 1. Property must be 35 years of age or older at the time the improvemenu commence.
<br /> 2. Propem must be receiving the homestead classification. This includes property classified as residential homestead
<br /> (inciuding duplexes and triplexes)blind/paraplegic 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�vith a total market value of�1�0,000 or more but less thaa
<br /> $300,000 may qualify for the eYemption. In these instances,your assessor��ill help you determine if your property is
<br /> eligible for the etiemption. Properties with a total market value of$300,000 or more do not qualify for the exemption.
<br /> If your property is a condominium and��our living unit is receiving the homestead classification, any improvemenu ma�de
<br /> to the unit would qualify for the exemption. Improvements to common areas are not eligible. If�our property is a dupiez
<br /> or triplex and it is receiving the homestead classification, improvements made to any portion of the property qualify for the
<br /> e:cemption from the propem•ta.1. If�•our property is used as a homestead and for a non-residential use,the e:cemption
<br /> applies only to improvements made to the residential portion of the propert�receiving the homestead classification. For
<br /> e�cample, if your propem is used both for a residence and for a business, the exemption applies only to the improvemeats
<br /> made to the homesteaded residential portion of your propem•.
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<br /> Only improvemenu that contribute a minimum value of S 1,000 or more to the house or garage of a property classed as
<br /> homestead during the year of the improvement qualify for the e�emption from the property tax. This includes improvemenu
<br /> such as additions to the eustin�house and gara�e, eYpansion of the eYisting house and garage, restoring, remodeling or
<br /> upgrading of the existing house, addition of a porch or deck or construction of a ne�v garage. Please note that the area
<br /> qualifying for construction of a garage is limited to h00 square feet.
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<br /> Improvements made to the site surrounding the home do not qualifi�for esemption. This includes such improvements to ttle
<br /> site as: construction of a fence, construction of a drive��a}•, installation of a la�rn sprinkler system, installation of a
<br /> swinuning pool or tennis court,landscaping of the grounds, agricultural buildin$s.
<br /> If mort 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 would not qualify for exemption. •
<br /> If any combination of improvements double the original size of the structure, any 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 a�e of the
<br /> property. Houses that are less than 3�years of age 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 maximum exemption of�2�,000. Houses
<br /> that.are 70 years of ase or older are eligible to have the total value of any improvements exempted up to a ma.tiimum of
<br /> 5�0,000. The age of the house is based upon the number of years that the qualify�ing residence has e�cisted on iu preseaz
<br /> site.
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