According to the Minnesota Tax Department, Ramsey County residents receive no property tax refunds of $ 25 million annually. That’s a lot of money to leave on the table.
Ramsey County recently sent out proposed tax returns for the following year. If you’re looking for relief, here’s a list that homeowners can look out for. Don’t live in Ramsey County? Check with your county inspector and visit the state tax department’s website at yield.state.mn.us/property-taxes.
HOME LOANS: Homeowners who claim the home is their homestead or primary residence can receive an annual property tax credit of up to $ 2,840 from Minnesota as long as their household income does not exceed $ 116,180. The average return is $ 1,132. To declare your home your Homestead, visit the county website at tinyurl.com/HomesteadRamCO for an application that must be submitted to the county with a copy of your deed, including a legal description. Depending on your life situation, you may have to submit additional forms, such as a copy of your Proof of Property Value, if you purchased the property in the last three months. The state provides more information on the market value exclusion of homesteads at tinyurl.com/HomesteadMN.
SPECIAL RETURNS: Another often overlooked benefit is the special home garden loan that the government offers to anyone whose property taxes increase by more than 12 percent and $ 100 in one year, regardless of family income. The special refund is 60 percent of the tax paid in excess of the 12 percent increase up to $ 1,000. It usually costs between $ 81 and $ 162 and can be requested in addition to the traditional homestead loan. The increase in property tax cannot be the result of home renovations. Find instructions on how to recover your special property tax on your M1PR Property Tax Form. For more information, visit tinyurl.com/HomesteadMN.
BLIND OR REAL AND TOTALLY DISABLED: State law allows for a reduction in the property tax rate for blind or permanently disabled property owners who transfer their property to property. Apply to the county office. Visit the county website at tinyurl.com/HomesteadRamCO for guidelines on placement in a disabled shelter.
EXCLUSION FROM TAX FOR DISABLED VETERANS: This program provides for a property tax exemption for the estate of a veteran dismissed with honor with a service-related disability of at least 70 percent. The surviving spouses of certain qualified veterans and military personnel, as well as the primary caregivers of qualified veterans, are also eligible for the program. Depending on your status, the market value exclusion allows you to deduct $ 150,000 or $ 300,000 from the value of your home when calculating property taxes. Documentation must be submitted with the county estate application. See Tinyurl.com/HomesteadRamCO.
TENANT LOAN: Tenants also pay a “hidden” property tax, which means they may be eligible for a refund. A tenant property tax refund program – sometimes called a tenant credit – is a government-paid refund for low- and middle-income tenants. Renters with a household income of more than $ 62,960 are not eligible, although deductions are allowed for dependents, seniors, and people with disabilities. For the purpose of calculating the reimbursement, it is assumed that the “rent constituting property tax” is equal to 17 percent of the rent paid. If this figure exceeds a certain percentage of income, the tax percentage that exceeds this threshold is returned upon refund. In other words, as income increases, the maximum return decreases. For claims for reimbursement filed in 2021 based on rent paid in 2020 and household income in 2020, the maximum reimbursement was $ 2,210. The average reimbursement was $ 690, or $ 761 for seniors and people with disabilities. Refund claims are made using the M1PR Property Tax Form. For more information visit tinyurl.com/RenterCredit2021.
OLDER DEPOSIT: Seniors with a household income of $ 60,000 or less and who have lived in their home for 15 years or more can defer most of their property taxes. The State of Minnesota will treat the deferred taxes as a loan payable at the time the property is sold or deregistered at a floating rate of interest not exceeding 5 percent. The property tax you pay will be 3 percent of your family’s total income based on your previous year’s income. Applications are processed through the State Department of Revenue. For more information visit tinyurl.com/SeniorTaxDeferral.
TAX PENALTY WAIVER: Ramsey County property owners can request a waiver of the late property tax penalty. Owners can request a waiver of the parcel penalty once every 10 years. A waiver can apply to either the first half of the year or the second half, but not both. See the Ramsey County Property Tax website at tinyurl.com/RamCoTax2021.
EXCEPTIONAL GRAVITY CONTROL: Property owners who have suffered a medical emergency or other emergency are eligible to request the property tax credit from the Ramsey County Auditor / Treasurer. The request may relate to fines, penalties and expenses. If no rebate is provided, Property Tax will work with property owners to provide information on all available forms of tax relief, including the development of partial payment schedules. See County website: tinyurl.com/RamCoTax2021.