Americans tend to have the deadline for income tax return applications engrained in their minds. (Though, if you’re doing it right, you should break even every year). Because property taxes are managed by local governments, we tend to accept them at face value.
Well, by act of the legislature, Minnesota residents will have the ability to file for a refund on their property taxes this year. The deadline is Aug. 15. Many members of the legislature are sending this press release out, so I’ve selected the section that applies to homeowners and renters.
A recent report from the non-partisan House Research Department report found that property taxes will drop by $49 million this year – the first decrease since 2002. Homeowners will see the most significant decrease. Statewide, homeowner property taxes are decreasing by $171 million in 2014, a 5.2% decrease from 2013.
To look up eligibility requirements and application instructions, Minnesotans can visit www.revenue.state.mn.us or by calling the Department of Revenue at 651-296-3781 or 1-800-652-9094.
Information for homeowners:
You may be eligible for a property tax refund of up to $2,580 if you are a homeowner and your household income was less than $105,500 in 2013. To apply for the Homestead Credit Refund, complete Form M1PR and submit to the Department of Revenue by August 15, 2014.
-You must be a full-year or part-year Minnesota resident.
-You must have owned and lived in your home on January 2, 2014.
-Your property must be your homestead.
-You cannot be a dependent.Information for renters:
You may be eligible for a property tax refund of up to $2,000 if you are a renter and your household income was less than $57,170. To apply for the Renter’s Property Tax Refund, complete Form M1PR and submit along with a Certificate of Rent Paid to the Department of Revenue by August 15, 2014.
-You must be a full-year or part-year Minnesota resident.
-You must live in a building on which property taxes are paid.
-You must have a Certificate of Rent Paid (CRP) for each rental unit you lived in during 2013.
-You cannot be a dependent.
We filed one of these refund forms and it was worth doing. Not quite $2,500. But worth doing.
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