What does it mean to Homestead your property?
When you close on the purchase of your new home in Minnesota your title company includes a Homestead Application in your paperwork packet if your home meets the qualifications. In order to apply for homestead, the owner must own and occupy the property as their primary residence or the property may be occupied by a qualifying relative of the owner.
Since qualifying for homestead gives you a property tax credit, many people run to the county the day of closing or the next business day so they don’t forget. Here are links to some county websites below so you can contact them and make a plan.
More About Homestead in Minnesota
Minnesota state law provides for a reduction to the general property tax for certain property that is occupied as a person’s primary place of residence. These properties fall under the homestead classification. A person who meets the requirements for the homestead classification must file a homestead application with the county assessor to initially obtain the homestead classification.