It’s that time of year again new homeowners of MN: Homesteading deadline is coming up fast! The deadline is December 1st for you to buy a non-homesteaded property and apply for homesteading status by December 15th, 2010.
If you bought a home anytime in 2010 before December 1st, you’ll want to Homestead the property into your name so that you receive a discount on your property taxes. It’s Minnesota’s way of encouraging homeowners to live in their properties, and it can be a nice incentive to pay less taxes than a landlord or someone who owns a rental property. You’ll need a copy of your Deed which you obtained at closing, and a copy of your Certificate of Real Estate Value as well. You should take these two documents down to the county (whichever county you live in) and file for Homestead status. Some counties are now offering this service online, so check with your county first.
If you aren’t closing until December 18 (for example) and the property was NON-Homestead status for 2010, then it will remain that way for 2011 and you’ll have to wait to get your lower property taxes until the next tax billing cycle for 2012. This means that if you’re buying a home that is already classified as Homesteaded, you’ll be OK if you don’t close until sometime after December 1st. But you’ll still want to file for Homesteading in your own name once you close on the house. It’s a little confusing, but such is the government in most cases!!
If you have questions on where to Homestead, what you need, and how to do it please contact me.
Thanks for this great post Steve and reminder. Getting that homestead credit set up is an important step for all buyers to take after closing. Thanks again.