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Facts & Figures - Minnesota

Property taxes for the state of Minnesota.

The Land of 10,000 Lakes levies taxes through counties yet in 2001 the state carried out its first state property tax levy since 1967. This tax applied only to certain properties and was part of a tax reform law; all revenue generated from this law is deposited into the state general fund.

A county property assessor must categorize all real and personal property (e.g. home, apartment, cabin, farm, business) and then estimate value according to its market value. The market value reflects the greatest potential of the land, which is known as the “highest and best use.” Put in other words, the highest and best use concept bases value on the highest economic return, or the most profitable legal use to which the land can be adjusted.

After this value has been determined, each class of property is taxed at a different percentage of this value, called a class rate, which is determined by the state legislature.

The Agricultural Property Tax Law, however, allows farmers to pay property taxes based on the agricultural value of the land and not on the most profitable use of the land. County assessors give two values: “actual market value” which is based on sales of similar property, and the other is “agricultural value” which is based on sales of agricultural land in contiguous areas or counties unaffected by the pressures of development.

Minnesota’s county property assessors can be found on this website.

Homeowners in Minnesota can be eligible for two property tax refund programs:

1. The regular property tax refund – If you own and live in your home on January 2, 2008; if property is not “homesteaded,” you must do so before December 15 of that same year. The maximum you can receive is $1,750. There are certain income level stipulations:

  • For households with no dependents - $93,480 limit
  • For households with dependents (limit increases with family size) - $113,880 limit with five or more dependents
  • Senior or disabled homeowners may be eligible with household incomes up to $117,280 with five or more dependents

2. The special property tax refund – If you own and live in your home on January 2, 2007 and 2008; there is no limit on household income, but your property taxes in 2008 must increase by more than 12% and be at least $100 over your 2007 taxes. The maximum refund you can receive is $1,000.

To read more about these programs, click here.

Minnesota Department of Revenue



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