To qualify for a homestead, you must: Own a property, Occupy the property as your sole or primary residence, Be a Minnesota resident. Homestead status can save you money on your property taxes.Individual taxpayer identification numbers now qualify property owners for homestead exclusion. Due to a new legislative change, owners or qualifying relatives of owners can now file for homestead using an Individual Taxpayer Identification Number (ITIN). What happened to the homestead credit? The market value homestead credit was eliminated during the 2011 Minnesota legislative session. Some examples of this include putting your property into a trust or life estate, marriage, separation or divorce, name changes. Homestead classification needs to be addressed when developing and implementing a farm business transition and personal estate plan. Learn more about the requirements for either a Residential Homestead or Agricultural Homestead, and submit the required application materials. Under state law (MS 273.124, Subdivision 13), they may be shared with the Minnesota Department of Revenue.
