To qualify for a homestead, you must: Own a property, Occupy the property as your sole or primary residence, Be a Minnesota resident. The exclusion reduces the taxable market value of qualifying homestead properties.Why would you want to classify your property as a homestead? Because it can qualify you for reduced taxable market value on your property and other benefits. A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence. Homestead status can save you money on your property taxes. Individual taxpayer identification numbers now qualify property owners for homestead exclusion. Douglas County has additional exemptions. If you own and live in a house in Fulton County, you may qualify for homestead exemption. The purpose of this guide is to help Fulton County residents learn.
