After the initial approval, the homestead classification will remain until the property is sold or the owner or the qualifying relative no longer uses it as a primary place of residence. If a different qualifying relative occupies the property, the owner must notify the assessor within 30 days of the change. Upon the sale of the property, a Certificate of Real Estate Value must be filed with the county auditor as required under Minnesota Statute 272.115. If the assessor is not notified within 30 days that the property has been sold or is no longer being used as a primary place of residence, the homestead will be removed and penalties will be imposed. Every homestead is unique.
Some homesteads involve property held under a trust agreement.
Other property is purchased with lender requirements that may affect the homestead classification. Additional printed information about homesteads is available by referring to Minnesota Statute 273-124.