Attention, 2020 Minnesota Home Buyers! Homestead Filing Deadline is Dec. 15

[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.]

Heads up, 2020 Minnesota home buyers!

Anyone who purchased an owner-occupied property in Minnesota in 2020 — and occupied the property by December 1 — needs to apply for Homestead Classification for Minnesota Property Tax before December 15, 2020.

Depending on the home’s value, homesteading can result in lower property taxes.

Other potential benefits include lower home insurance premiums for owner-occupants; establishing Minnesota for domicile (estate tax) purposes; and, in the event of bankruptcy, qualifying for exclusions available under Minnesota law.

Please note that you can only homestead one residential parcel in the State of Minnesota.

Questions/Follow-Up

If you have questions or wish to learn more about homesteading a property, you can:

–Go to the county website where the property is located;
–Check with the local City of Assessor’s Office; or
–Contact your Realtor and/or the title company that represented you at closing.

Of course, I always suggest that my Buyer clients take care of the homestead filing immediately after closing, to avoid scrambling to do it last minute, before the holidays . . .



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