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<br /> • Exemption From The Property Tas Of Improvements
<br /> Nlade To Homes 35 Years Of Age 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 /> vlinnesota law encourages property o�zners to restore or renovate their older homes. This la�v, commonly referred to as
<br /> "This Old House" exempts from the propem�tax alI 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 eligibie for exemption,the property must meet the follo�iring three criteria:
<br /> 1. Property must be 3� years of a�e or older at the time the improvemenu commence.
<br /> 2. Property must be receiving the homestead classification. This includes property c:assified as residential homestead
<br /> (including duplexes and triplexes)blind/paraplegic veteran/disabled homestead and agricultural homestead. Relative
<br /> homesteads are eligible for the exemption.
<br /> 3. The total mazket value of rhe property must be less than S 1�0,000 (residential: land and buildings; agricultural:
<br /> house/garage/l acre): In special circumstances, a property with a total market value of�I�0;000 or more but less than
<br /> �300,000 may qualify for the esemption. In these instances, your assessor wiil help you determine if your property is
<br /> eligible for the e�emption. Propercies with a total market value of�300,000 or more do not qualify for the exemption.
<br /> If your propert�� is a condominium and your livin� unit is rec�iving the homestead classification, anv improvements made
<br /> to the unit would qualify for the exemption. Improvements to common areas are not eligible. If your property is a duplez
<br /> or triplex and it is recei�ing the homestead classification, improvements made to am•portion of the propem%qualify for the
<br /> esemption from the propert�•ta.x. if�•our propzrty 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 cIassification. For
<br /> example, if your propercy is used both for a residence and for a business.the exemption applies onh•to the improvements
<br /> made to the homesteaded residential ponion of your propem�.
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<br /> OnIy 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 existin�house 3nd garage, espansion of the existing house and garage, restorin�, remodeling or
<br /> upgrading of the e:sisting house, addition of a porch or deck or construction of a ne�y garage. Please note that the azea
<br /> qualifying for construction of a gara�e is limited to h00 square feet.
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<br /> Improvernents made to the site surrounding the home do not qualifi�for esemption. This includes such improvements to the
<br /> site as: consuuction of a fence, construction of a drive��a}•, installation of a la«n sprinkler s�stem, installation of a
<br /> s�vimming pool or tennis court, landscapin� 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 improvements made to the remaining structure are considered to constitute the construction
<br /> of a new house. ?,s 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, any improvement that further incre�ses the
<br /> size of the structure will not qualify for exemption.
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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 of ihe
<br /> property. Houses that are less than 35 years of a;e 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 age or older are eligible to have the total value of any improvements exempted up to a ma.Yimum 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 on its preseas
<br /> site.
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