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. Yes. Be sure to include the property identification number or legal description of the property associated with your living unit on your homestead application. You must be a Minnesota resident. Download and print the Owner-Occupied and Relative Homestead Application form. If you do NOT have access to a printer or scanner, please contact our office. Apply for homestead as soon as possible. No; you may only have one homestead in the state of Minnesota. You must actually occupy the property for it to be considered a homestead and be an individual, and not a business.