Property & Roads

NEW LAW CHANGE: Homestead Market Value Exclusion

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The 2011 Legislature repealed the Homestead Market Value Credit, (the homestead credit), and replaced it with a new Homestead Market Value Exclusion.

• What is an exclusion?
  An exclusion is a reduction in the amount of value subject to tax.
  
  
• Why the New Law Change and Why is this Change Resulting in a Tax Increase? View the insert mailed with truth-in-taxation notices in November 2011.
  
  
• Visit the Minnesota Department of Revenue for further information: Understanding Recent Changes in Homestead Benefits.
  
  
• Taxes based on a home valued at $150,000 in the most common taxing areas of a city or township? View the 2011 and 2012 net tax comparisons for cities and townships. The Net Tax amount does not include any Special Assessments or new School District Levies.
  
  
• View the actual levy for 2011 and the proposed levy for 2012 for the various tax authorities. (City, Township, School,etc). The 2011 Certified Homestead Credit was eliminated with the new Homestead Market Value Exclusion. This amount will no longer be paid to the taxing authority.
  
  
• Know what your Truth-in-Taxation statement means? Any upcoming referendums, legal judgments, natural disasters, voter approved levy limit increases, or special assessments could change these amounts for the Taxes Payable in 2012. View your Truth-in-Taxation statement online.
  
  
• More information is available at Understanding Your Market Value Change

Property Tax Refund? This program is available if certain requirements set forth by the Minnesota Department of Revenue are met.