HOMESTEAD TAX CREDIT

If you are a homeowner or qualifying relative of a homeowner, you can save on property taxes by filing for homestead classification. The deadline to file for the homestead classification for taxes payable 2008 is Friday, December 14, 2007.

ELIGIBILITY REQUIREMENTS

You must occupy the home by December 1^, 2007 and meet all of the following requirements:

Ø be one of the owners of the property listed on the application or a qualifying relative of at least one owner of the property (qualifying relatives include owner’s parents, children, grandparents, grandchildren, siblings, aunts, uncles, nieces and nephews, including those by marriage)

Ø occupy the property listed on the application as your primary residence

Ø be a Minnesota resident (see application for criteria)

Applications are available at the City of Mound or on the Hennepin County website. The following information is required:

Ø Certificate of Real Estate Value (completed by homeowner)

Ø Application for Homestead including signatures and Social Security numbers of all owners occupying the property (in the case of owner occupied) and of the qualifying relative(s) and owner(s) of the property in the case of relative occupied.

Ø Copy of the deed or contract for deed obtained at closing

In addition, if at any time the property is sold or you change your primary residence, state law requires that you notify the City of Mound within 30 days by phone, email or letter.

VERIFYING HOMESTEAD STATUS

If you feel you qualify for homestead status based on the criteria above, be sure to look on your November Proposed Property Tax Statement and next to the taxable market value for 2008 taxes, it should say HOMESTEAD. If it does not, or you have any questions relating to the homestead classification, please call the City of Mound at (952) 472-0605.