For Property Tax Purposes = What Changed?
The 2011 Legislature repealed the Homestead Market Value Credit, (the homestead credit), and replaced it with a new Homestead Market Value Exclusion. The last year of the credit is forproperty taxes paid in 2011 and the exclusion begins for property taxes payable in 2012.
See link to get more information and an example to illustrate how theExclusion will work:
http://taxes.state.mn.us/property/Documents/hmve-taxpayers.pdf
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