Personal Property Statement With Replacement Cost In Hennepin

Category:
State:
Multi-State
County:
Hennepin
Control #:
US-00123
Format:
Word; 
Rich Text
Instant download

Description

The Personal Property Statement with Replacement Cost in Hennepin is a legal document designed for use in rental agreements involving personal property. This form is essential for parties, primarily lessors and lessees, to clearly outline the terms of the lease, including the identification of the property, lease term specifics, and responsibilities for repairs and maintenance. For legal professionals such as attorneys, partners, and paralegals, it serves as a comprehensive tool to ensure that all parties understand their obligations and rights under the agreement. Users are directed to provide accurate descriptions of the leased property and are encouraged to follow clear instructions for completion, including obtaining necessary approvals for any assignment or subletting of the property. Moreover, the form includes provisions about indemnity and legal fees, highlighting its importance in protecting the interests of the parties involved. In cases where disputes arise, this document can be instrumental in legal arguments, supported by its binding nature on heirs and assigns. Its straightforward format and structured sections also facilitate easy editing and reference, making it particularly useful for legal assistants who handle such forms regularly.
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FAQ

It reduces the Taxable Market Value of the property (for properties valued under $414,000 only), thereby lowering taxes, and. It is one of the qualifying factors for homeowners to receive the State of Minnesota Property Tax Refund.

What are the maximums? For refund claims filed in 2024, based on property taxes payable in 2024 and 2023 household income, the maximum refund is $3,310. Homeowners whose income exceeds $135,410 are not eligible for a refund.

Homestead tax exemptions usually offer a fixed discount on taxes, such as exempting the first $50,000 of the assessed value with the remainder taxed at the normal rate. With a $50,000 homestead exemption, a home valued at $150,000 would be taxed on only $100,000 of assessed value.

What are the maximums? For refund claims filed in 2024, based on property taxes payable in 2024 and 2023 household income, the maximum refund is $3,310. Homeowners whose income exceeds $135,410 are not eligible for a refund.

1PR amount.... Line 1 is the qualifying tax amount for property tax refund. Line 2 is the prior year qualifying amount. The qualifying amount is limited to 10 acres on a residential homestead, or the house/garage/site portion of an agricultural homestead.

Effective beginning with assessment year 2024. EXPLANATION OF THE BILL Under current law, the homestead market value exclusion reduces the taxable market value for all homesteads valued below $413,800. The exclusion is 40% of the first $76,000 of market value, yielding a maximum exclusion of $30,400.

Key Takeaways. Your property tax bill is based on the assessed value of your property, any exemptions you qualify for, and the property tax rate. Factors such as the size, construction type, age, and location of your property can affect your tax bill.

You can typically find county property tax rates listed on their website or by calling the county department that manages taxation. Example: If your property tax bill is $3,400 and your county's department of finance tells you the real-estate tax rate is 1%, you can see that your assessed value is $340,000.

You may come into the Recorder's Office and look at the official plat, order a copy online by entering the name of the plat instead of the document number, search for the property on LandShark GIS, search/download the plat using LandShark online searching, or contact the Public Works Department at 651-213-8700. 5.

Looking for your property tax statement? You can get a copy of your property tax statement from the county website or county treasurer where the property is located. For websites and contact information, visit County Websites on Minnesota.

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Personal Property Statement With Replacement Cost In Hennepin