You’ve hopefully made it through the tedious process of filing taxes, but did you know there’s still time to file for a property tax refund? Both homeowners and renters can file for refunds for the past three years until August 15. With property taxes increasing every year, this is a great idea to get some of your money back.
Step 1: Homestead your property
Homeowners should make sure their home is homesteaded. This should have been done when you purchased your home, but occasionally it gets missed. In Minneapolis, you can check this here Minneapolis Portal. If you find your property is not homesteaded, the application can be found here
Step 2: Check your income eligibility
The next step for both homeowners and renters is to check your income eligibility. Household income is your federal adjusted gross income from your most recent tax return plus your nontaxable income minus your retirement plan contribution. Here are the income limits:
Step 3: File your return
The MN Department of Revenue has provided physical forms and electronic processes for filing for a refund, and all of the necessary applications can be found on their website. The site includes frequently asked questions, instructional videos, and other important information.
MN Department of Revenue
Step 4: Get your money!
Once you’ve filed for your refund, you will be able to track your return with the Minnesota Department of Revenue. For more details check the website below:
Where’s My Refund?
Owning a home is an investment that requires responsibility, commitment, and a lot of up front expenses. Keeping up with quick and easy benefits like homeowner refunds is a good way to increase your return on investment, and help ease the initial costs of homeownership. Our trusted advisors at PRG are always available to support you through these processes. If you ever have questions or want to walk through an application, just set up a free one on one appointment at our website.
PRG Homeownership Advising Services