Be a Minnesota resident. To apply for the residential homestead classification, you must: Complete a manufactured homestead application (PDF).A homestead exemption either subtracts a percentage of your home's assessed value or a specific dollar amount. This Video Shows you How to Complete an Application for Homestead Exemption. The homestead can't exceed one acre in a city or 160 acres in a rural area. To qualify for a homestead, you must: Own a property, Occupy the property as your sole or primary residence, Be a Minnesota resident. This can provide asset protection from creditors for at least some of house's value. The bigger overall benefit to homesteading a property is that in Minnesota, no one can force you to sell your homestead to satisfy a legal judgment. Another piece of the puzzle is the homestead reduction on your property taxes. To apply for the homestead classification for your residence, you must fill out a homestead application.
