Homestead is a classification granted to properties owned and occupied as a person’s primary place of residence.
The homestead classification is not automatic or transferred to you by the seller at the time of sale. You must apply after you purchase your home and move in.
Any property owner who is a Minnesota resident and occupies the property as their primary residence may apply for the homestead classification.
To be eligible you must own and occupy the property as your primary residence between Jan. 2 and Dec. 1 of the current year for taxes paid the following year to be classified as homestead. Applications are due by Dec. 15.
Relative homestead exception
The homestead classification also extends to properties occupied by a qualifying relative of the owner. The relative occupying the property must complete a special application. Call 952-939-8225 or email firstname.lastname@example.org for application instructions and more information.
There are three ways to apply for homestead classification.
- In-person at Minnetonka City Hall, 14600 Minnetonka Blvd., Monday – Friday, 8 a.m. – 4:30 p.m.
- Be sure to bring your property ownership documents
- By mail
- Download the Homestead Application
- Mail the completed form and copies of your property ownership documents to:
City of Minnetonka Assessor’s Office
14600 Minnetonka Blvd.
Minnetonka, MN 55345
To apply, you’ll need a completed application and your property ownership documents, which include a deed and a copy of an electronic Certificate of Real Estate Value (or the document number). The deed is likely a warranty deed, but other common types are: quit claim, contract for deed, trustee’s deed and personal representative’s deed.
You likely received copies of these documents when you closed on your property. Closing companies will often include a “Homestead Instructions” cover sheet with the documents to assist the application process.
The application is automatically renewed each year for regular homesteads. If the property is sold, rented, no longer used as the primary residence or the owner is no longer a Minnesota resident, notify the assessor’s office within 30 days.
Annual reapplication is required for relative homesteads. Forms are mailed to relative occupants each November.
Call 952-939-8225 or email email@example.com to ask questions or to learn more.
Homestead properties may pay lower property taxes. In addition, to be eligible for other special property tax programs – such as the Minnesota Property Tax Refund – properties must be classified as a homestead.
All homestead property less than $413,800 in value will receive a Homestead Market Value Exclusion. The exclusion is identified on the notices mailed in March.
The exclusion causes the amount of taxable value to be reduced by excluding a portion of the property’s estimated market value.
No. The homestead credit is based on a number of factors.
- The homestead credit changes with the property’s market value.
- Not all properties are eligible for a full (100 percent) homestead credit.
- There are other credits attached to homesteaded property, such as credits for the blind, disabled veteran or permanently disabled that may also affect the amount of homestead credit received.