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Homestead Market Value Exclusion
Building & Community Standards
6301 Shingle Creek Pkwy.
Brooklyn Center, MN  55430

Ph: (763) 569-3310

Monday - Friday
8:00 am - 4:30 pm
In 2011, the State legislature changed the property tax relief program from Market Value Homestead Credit to Homestead Market Value Exclusion. Your Valuation Notice will look different this year. The following information may be helpful in understanding the differences in the program.

What is the difference between the homestead credit and the homestead market value exclusion?
The homestead credit was a reduction applied to the property tax bill. The homestead market value exclusion is a reduction to the taxable market value of a property before the property tax is calculated.

How is the homestead market value exclusion calculated?
The calculation of the homestead market value exclusion closely follows the calculation steps previously used to calculate the homestead credit. The maximum homestead market value exclusion under law is $30,400, for a homestead property valued at $76,000 or less. The homestead market value exclusion decreases as the property value increases; and the homestead market value exclusion gives no reduction for properties valued at $413,800 or greater.

A homesteaded property with an estimated market value of $140,000 would receive a homestead market value exclusion of $24,640. The homestead market value exclusion is deducted from the estimated market value and the result is reported as a taxable market value of $115,360. This taxable value is used to calculate the next years property tax.

Information on the Truth in Taxation Notice
Truth in Taxation notices are typically mailed in November, and notify you of your taxable market value for the next year's payable property tax. This amount was already reduced by the homestead market value exclusion. This recalculated taxable amount was used to calculate your property taxes.

Valuation Notices
Typically in March, the valuation notices are mailed from the City Assessor’s office. This notice will report the estimated market value and all applicable exclusions to determine a taxable market value. This notice is notification of your classification, estimated market value, exclusions and taxable market values for taxes payable for the following year.

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