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In fact, the majority of Minnesota farms and homesteads nearly 90 percent are family owned and operated. Its also a place in which local, state and academic offices actively support and encourage all aspects of agriculture.
If you own real estate property and you or a qualifying relative occupies the property by December 31, you may apply for homestead status by December 31. You can only homestead one residential parcel in the State of MN.
Homesteading came to an end in the lower 48 states over a century later in 1976 with the passage of the Federal Land Policy and Management Act. The last claim was issued in 1974 to Ken Deardorff for a homestead in Alaska. However, free land is still available from small towns and cities or farming communities.
Youll remember from before that homesteads get a portion of their value excluded from property taxes altogether. They also get more favorable rates than non-homesteaded properties. The first $500,000 in taxable market value of a homesteaded property has a rate of 1.00% and the remainder has a rate of 1.25%.
To qualify for a homestead, you must: Own a property. Occupy the property as your sole or primary residence. Be a Minnesota resident.
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(a) Residential real estate that is occupied and used for the purposes of a homestead by its owner, who must be a Minnesota resident, is a residential homestead.
A homestead is a house and surrounding land owned by a family often, it includes a farmhouse. Most people have homes, but not everyone has a homestead: that means your family owns more than a house. The homestead often consists of a farmhouse and land devoted to crops or animals.
The State of Minnesota maintains the homestead program for residents who own and occupy their home or have a qualifying relative who occupies the home called the Homestead Market Value Exclusion.
To qualify for a homestead, you must: Own a property. Occupy the property as your sole or primary residence. Be a Minnesota resident.
What are the Benefits of Homestead Classification? A homestead classification qualifies your property for a classification rate of 1.00% on up to $500,000 in taxable market value. Homesteads are also eligible for a market value exclusion, which may reduce the propertys taxable market value.

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