How does Homestead work in Minnesota?
To qualify for homestead: You must own the property, or be a relative or in-law of the owner (son, daughter, parent, grandchild, grandparent, brother, sister, aunt, uncle, niece or nephew). You or your relative must occupy the property as the primary place of residence. You must be a Minnesota resident.
How do you qualify for homestead in Minnesota?
To qualify for a homestead, you must: Own a property. Occupy the property as your sole or primary residence. Be a Minnesota resident....Qualifying property includes all property used as a residence, including: Gardens. Garages. Outbuildings.
Who qualifies for homestead exemption in Minnesota?
To qualify for homestead: You must own the property, or be a relative or in-law of the owner (son, daughter, parent, grandchild, grandparent, brother, sister, aunt, uncle, niece or nephew). You or your relative must occupy the property as the primary place of residence. You must be a Minnesota resident.
How many acres can you homestead in Minnesota?
Minnesota statute allows homeowners to claim up to $390,000 in property value, or $975,000 if agricultural, as a "homestead." State law limits this exemption to 160 acres, which in practice may apply to farms, but has removed what was once a half-acre limit on property within city limits.
How much does homestead exemption save you in Minnesota?
For a homestead residence valued at $76,000 or less, the exclusion is 40 percent of market value, yielding a maximum exclusion of $30,400 at $76,000 of market value. For a homestead valued between $76,000 and $413,800, the exclusion is $30,400 minus 9 percent of the value over $76,000.
