Learn more about property tax refunds available for homeowners
Now that tax time is in full swing, homeowners should be aware there are two types of property tax refunds available from the State the regular property tax refund and a special property tax refund. Homeowners may be eligible for both depending on their income levels and the size of their property tax bill.
The regular property tax refund is for people who own and reside in their home on Jan. 2, 2011. If the home is not " homesteaded," your application for homestead must be made before Dec. 15, 2011. This refund is dependent on your income. You may be eligible if your household income is under these limits:
- For households with no dependents, the limit is $99,240.
- For households with dependents the limit increases with family size, up to $121,140 for households with five or more dependents.
- Senior or disabled homeowners may be eligible with household incomes up to $124,790 with five or more dependents.
To qualify for the special property tax refund:
- You must have owned and lived in the same home on both Jan. 2, 2010 and Jan. 2, 2011,
- The net property tax on your homestead must have increased by more than 12 percent from 2010 to 2011, and
- The increase must have been $100 or more and the increase is not attributable to new improvements.
There is no limit on household income for the special property tax refund. You may qualify for the special refund even if you do not qualify for the 2010 regular property tax refund. To determine if you qualify and, if so, the amount of your refund, complete Schedule 1 on the back of Form M1PR found on the Minnesota Department of Revenue website.
Published Feb. 22, 2011