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Minnesota Property Taxes – What You Need to Know
from:Minnesota property taxes are collected each year on property you own. Minnesota property taxes are determined based on three things:
• the amount your local governments (town, city, county, etc.) spend to provide services to your community,
• the estimated market value of your property, and
• the classification of your property (how it is used)
The local tax assessor will determine the market value of your property and how the property is used. This value will be used, along with the year’s millage rate, which is determined by the local government’s budget, to determine the amount of your tax bill.
As in most other states, Minnesota property taxes are used to fund local areas, supporting schools, local government budgets, roads, police and fire support and other local issues. Very little of the property tax revenue is used at the state level. Minnesota’s property tax rate falls right in the middle of the rest of the country, ranging from 7.08% per $1000 to 9.83% per $1000.
Once the tax assessor has determined the fair market value of your home for tax purposes, you will receive a notification. If you feel the valuation is unfair, you can appeal. Appealing can sometimes help you get your tax value on your home lowered, thereby reducing your taxes.
Minnesota also has some property tax exemptions. There is a regular homestead exemption that is available to all homeowners on their primary residence. You can only have one homestead. The homestead exemption lowers the rate at which you are taxed. However, you may also qualify for a regular property tax exemption if you meet the following conditions:
• For households with no dependents the limit is $91,120.
• For households with dependents the limit increases with family size, up to $110,920 for households with five or more dependents.
• Senior or disabled homeowners may be eligible with income up to $114,220 with five or more dependents.
In addition, you may qualify for special Minnesota property tax exemptions. These exemptions are designed to help homeowners who have experienced a large increase in their Minnesota property taxes in recent years (over 12%). There is no income limit on this exemption, but you must have lived in your home on January 1, 2006 and still be living in your home now to qualify. See your local tax office to see if you qualify for this special tax exemption.
Minnesota property taxes work much like property taxes in other states, but in recent years there have been some changes and new exemptions added. It’s wise to talk with someone in your local tax office to ensure that you’re receiving all the property tax exemptions you’re due.
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Property Taxes Florida News
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