Maria purchased a home in Hennepin County in September and moved in immediately as her primary residence. She wants to receive the homestead market value exclusion for the following tax year. By what date must Maria file her homestead application with the county assessor?
Correct Answer
C) December 1 of the current year
Under Minnesota's homestead classification rules (Minn. Stat. § 273.124), property owners must apply for homestead status through the county assessor by December 1 of the current year in order to receive the homestead market value exclusion for the following tax year. Maria moved in during September, so she has until December 1 to file and qualify for next year's benefit.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Highest and best use is an appraisal concept that identifies the most profitable, legally permitted, physically possible, and financially feasible use of a property. It is the foundation of all property valuation.
Homestead portability allows homeowners to transfer a portion of their accumulated homestead tax savings to a new homestead in the same state.
The income approach estimates a property's value based on the income it generates by converting net operating income into a value estimate using a capitalization rate. It is the preferred method for income-producing properties.
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