Property Ownership
In Minnesota, 'homestead' for property tax purposes requires that the owner:
AOwn the property for at least 5 years
BUse the property as their primary place of residence and apply for the classification with the county assessor✓ Correct
CHave a mortgage on the property
DBe a Minnesota native
Explanation
The Minnesota homestead classification requires the property owner (or certain qualifying relatives) to use the property as their primary residence. The owner must apply for the homestead classification with the county assessor. Homestead properties receive a lower property tax classification rate, reducing property taxes.
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