MN Property Tax Refund 2024 – Rebate Amount, Eligibility & How to claim?

MN State receives funding from the Renter’s Property Tax Refund, which is available to qualified homeowners and renters. The application for the MN Property Tax Refund 2024 must be submitted by August 15th, 2024.

MN Property Tax Refund 2024

A program called the Minnesota Property Tax Refund was created to help homeowners and renters in the state financially. It provides refunds based on predetermined standards to lessen the cost of property taxes.

For more information and to apply, visit the Minnesota Department of Revenue’s Property Tax Refund page or go through this article. Don’t forget to verify your eligibility and send in your application before the deadline.

August 15 is the deadline for submitting the Property Tax Refund application. You may submit your application on paper or online. You have up to a year beyond the original deadline to submit your application, even if you miss it.

MN Property Tax Refund Amount

The property taxes you paid on your house or rental property throughout the tax year impact your MN property tax refund. A bigger return might be the result of higher property taxes. The overall income of your family is a significant factor. 

The income criteria, filing status, and filing method all affect the amount of the return. Households with lesser incomes often obtain larger refunds. A reimbursement of up to $3,310 is available to those with annual incomes under $135,410. 

You can get an additional $1,000 in credits if you file for a special property tax refund. If a renter’s household income is less than $73,270, they are entitled to a return of up to $2,570.

How to File For a Property Tax Refund in Minnesota?

Minnesota offers renter and homeowner programs for income-based property tax reduction. Homeowners may apply for a special property tax refund in addition to applying for one to offset rising homestead taxes.

There are income requirements for households to be eligible for a property tax refund; older persons have greater eligibility. Form M1PR is used by the state to manage this program, and returns must be postmarked by August 15 at the latest.

The filing of your 2022 Minnesota M1PR may be made easier and more secure by using services like eFile Express, where the majority of computations are done automatically and any possible mistakes can be found and fixed before your return is filed.

Renters requesting a refund of their property taxes must provide a Certificate of Rent Paid (CRP) from their landlord by January 31. The annual rent amount and the percentage of rent that went toward paying property taxes are shown in the CRP.

You have to have sent, electronically submitted or personally delivered your 2022 tax return by August 15, 2023. August 15, 2024, is the last day to submit a refund request for 2022.

MN Property Tax Refund Eligibility

Depending on your situation and the kind of return you want, you may be eligible for the Minnesota Property Tax return. 

  • If your home’s property tax has risen by more than $100 and by more than 12% over the previous year’s tax, you are eligible.
  • The net amount you paid in taxes for the prior year is what remains after deducting any targeted return you got for that year.
  • Your home has to be owned and occupied between January 2, 2022, and January 2, 2023, to qualify for this return.
  • To qualify, you must be a resident of Minnesota, have owned and occupied a property there, be looking to return for 2023 or later, not have leased out your house, and not have utilized it for business. 
  • For the tax year 2023, your family income must be less than $135,410. You also need to have applied to your county for homestead status or had your property classified as one. 
  • You also need to have a valid Social Security number and be clear of any past-due property taxes on the home. 

Where’s my Minnesota Property Tax Refund?

  • Tax authorities check the information on each return to guarantee that the right person receives the proper refund. Due to the uniqueness of each tax return, processing times vary.
  • To find out the status of your return after July 1, go to www.revenue.state.mn.us and type Where’s My return into the Search area.
  • Your date of birth, return type, tax year, and refund amount are required when using the Where’s My Refund website. You may also enter your taxpayer identification number or Social Security number.

When do I get an MN Property Tax Refund after filling?

The majority of taxpayers get their refund of Minnesota property taxes in less than 21 days. There’s a chance you’ll have to wait five days to get your money if you go with direct deposit. Should you choose a refund check, please allow a few weeks for it to arrive. 

The processing time for a Minnesota property tax refund is dependent upon several variables. Make sure you file with correct and comprehensive information to speed up the process.

Visit NCBLPC Homepage To Get Relevant Updates.

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