What Is a Homestead Classification?
Having a homestead classification means a person's property is his or her primary residence. This should be the address on your Minnesota driver's license, the address where you are registered to vote, or your primary mailing address.
Qualifications
To qualify for a homestead, you must be an owner of the property, occupy the property as your primary residence and be a Minnesota resident.
Benefits of Homestead Classification
A homestead classification qualifies your property for a homestead classification rate. Owners with the classification are eligible for a market value exclusion, which may reduce the property’s taxable market value. Homestead properties may qualify for other programs such as the disabled veteran’s market value exclusion, senior citizen’s property tax deferral, and Minnesota Department of Revenue property tax refunds.