That Do Not Qualify For The Deferment Value Limits Cost Of Improvements Vs. Read the following information before completing the application for deferment from the property tax of improvements made to homes 45 years of age or older. Minnesota law encourages property owners to restore or renovate their older homes. This law, commonly referred to as This Old House defers from the property tax all or portion of the value of improvements made to homes 45 years of age or older. Property must be receiving the homestead classification.
Relative homesteads are eligible for the deferment.
If your property is a condominium and your living unit is receiving the homestead classification, any improvements made to the unit would qualify for the deferment. Improvements to common areas are not eligible. If your property is a duplex or triplex and it is receiving the homestead classification, improvements made to any portion of the property qualify for the deferment from the property tax. If your property is used as a homestead and for a non-residential use, the deferment applies only to improvements made to the residential portion of the property receiving the homestead classification. For example, if your property is used both for a residence and for a business, the deferment applies only to the improvements made to the homesteaded residential portion of your property.