Can you homestead a duplex

You may apply for homestead at any time during the year. Apply for homestead using the online or paper application. If completing a paper application, mail, fax or deliver your completed paper application with a copy of your deed to the Assessor's Office.

Do not email your homestead application. If you own and occupy your property before December 31, and submit your application by December 31, then the homestead exclusion will begin in the next tax year. Once the homestead application is approved , the homestead will remain on the property until the property ownership or occupancy changes.

To check on the homestead of your property you can call Minneapolis Service Agents at or access this information through the City of Minneapolis Property Information.

You may apply for homestead at any time during the year, however homestead will be determined based on the date of ownership and when you moved into the property. Complete the application for homestead and include a note stating what year you purchased the property. Supply a copy of your deed and electronic certificate of real estate value eCRV with the application. If at any time the property is sold or you change your primary residence, state law requires you to notify the Minneapolis Assessor within 30 days.

If you fail to notify the Assessor within 30 days you will be required to pay the tax which is due on the property based on its correct property class, plus a penalty.

Click the following link to complete and submit a Notice of move form. Certain relatives can qualify for homestead if they live at the property. Qualifying relatives are defined by birth, legal adoption, or marriage. The definition of "relative of the owner" includes a child, stepchild, daughter-in-law, son-in-law, parent, stepparent, parent-in-law, grandchild, grandparent, brother, brother-in-law, sister, sister-in-law, aunt, uncle, nephew or niece, step niece or step nephew, members of family farm corporations and farm partnerships.

Neither the owner nor the relative occupant may claim a property tax refund for a homesteaded property, unless the relative occupant is a partial owner of the property. Relative homestead property, where the owner is not living at the property, requires a rental license through the City of Minneapolis, Department of Regulatory Services, Rental Licensing.

Your tax statement for this year is based on how the property was valued and classified as of January 2 of last year. Please note; if you did not own and occupy the property by December 1 of last year, the taxes payable this year will be at the non-homestead rate.

Save my name, email, and website in this browser for the next time I comment. Home Values. Share 7. Pin 1. Carson Buck. See more posts by this author. February 22, Buying A Home in North Carolina.

May 5, Top 5 Fastest Appreciating Housing Markets for May 17, Scam Targets Homebuyers. May 31, Share with friends. When you sell an owner-occupied duplex, you can come out ahead of selling a rental-only duplex. Rental properties are subject to capital gains tax and depreciation recapture tax when they get sold. Since your duplex gets treated as two properties, only half of your sale proceeds will be subject to taxes. Steve Lander has been a writer since , with experience in the fields of financial services, real estate and technology.

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