Homestead Market Value Exclusion
The Homestead Market Value Exclusion is a property tax reduction intended to keep taxes lower on owner-occupied or qualified relative-occupied homes.
Important notes about applying for homestead:
- You must own & occupy the property by December 31st and submit an application by December 31st of the current year to receive the homestead benefit for the following year’s property taxes.
- You must be a Minnesota resident to qualify for homestead.
- Your driver’s license must reflect the address where you reside. If it doesn’t, you must update and provide a copy of the renewal with your application. MN Statute 171.11 requires MN residents to update their driver’s license within 30 days of changing their name or address.
- All occupants, owners & their spouses must sign the application and provide their Social Security Numbers (SSNs). SSNs are used by the MN Department of Revenue to verify you are not receiving homestead elsewhere in Minnesota.