Finance
In Minnesota, which type of property tax exemption benefits nonprofit organizations such as churches and schools?
AHomestead exemption
BInstitutional or nonprofit property tax exemption✓ Correct
CAgricultural Green Acres exemption
DVeteran's property tax exemption
Explanation
Minnesota provides property tax exemptions for qualifying nonprofit organizations, including religious organizations, educational institutions, charitable nonprofits, and governmental entities. These properties must be used for their exempt purpose to qualify.
Related Minnesota Finance Questions
- A Minnesota lender's appraisal comes in $10,000 below the purchase price. The buyer has several options. Which option allows the buyer to proceed with the original price?
- In Minnesota, which of the following is a 'non-recourse' mortgage?
- A Minnesota property is appraised at $280,000 but the purchase price is $295,000. The lender will base the loan on:
- A Minnesota borrower takes out a $320,000 mortgage at 6% annual interest. What is the first month's interest?
- A mortgage where the interest rate adjusts periodically based on an index is called a(n):
- In Minnesota, the secondary mortgage market is important because it:
- In Minnesota, which of the following is a typical buyer's closing cost?
- A balloon mortgage in Minnesota requires:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →