| Minimize Minnesota Property Tax with Financial | | | | may know already that Minnesota's property tax |
| Planning | | | | system has refund programs based on household |
| If you have more than one residential property or | | | | income and on the (property) taxes paid on the |
| one or more business properties then you will | | | | principal place of residence. You can qualify for this |
| probably be familiar with Minnesota property tax | | | | tax reduction if you are an owner occupying your |
| rules. Unfortunately, there's no getting around | | | | house as your main place of residence or if you |
| property tax, but with proper financial planning | | | | are a relative living in the owner's house. Property |
| you may be able to minimize your tax | | | | tax on real estate in Rochester, MN is levied at |
| expenditure both while you're alive and after | | | | the Olmsted county level and the tax rate is two |
| you've passed on. | | | | tiered: |
| The Basics of Minnesota Property Tax | | | | |
| Minnesota's property taxes are quite complex but | | | | 1. one to three family residential properties are |
| in basic terms, it is a tax levied on any kind of | | | | taxed at the Homestead Rate |
| property. Taxes on personal property can target: | | | | 2. while other properties are taxed at the higher |
| - Automobiles, cars and other vehicles | | | | Non-Homestead Rate |
| - Valuable durable goods | | | | Expert financial planning will guarantee that you |
| - Works of art | | | | are not paying more than you have to. |
| - Business inventory | | | | Minnesota's Double Tax |
| - Intangible assets such as stocks and bonds | | | | If you're a city property owner then you get a |
| The Case for Robust Financial Planning | | | | double tax blow by receiving a combined City and |
| Robust financial planning can help to ensure that | | | | School Tax Bill. Tax due is calculated by multiplying |
| you are not paying more tax than you are | | | | the tax percentage set by law for its class |
| required to pay. And financial planning can ensure | | | | against the assessed market value of the |
| that you are claiming all the refunds that are | | | | property. If you (or your family members once |
| available to you in the state of Minnesota. | | | | you have passed away) disagree with the |
| Financial and estate planning can help a great deal | | | | assessor and you believe your property is |
| with reducing the amount of tax that will have to | | | | over-assessed, you may appeal to The Board of |
| be paid on your property and assets after your | | | | Appeal and Equalization to have your property |
| death. This is one of the biggest benefits of | | | | reviewed. A financial planner with sound |
| creating a financial or estate plan while you are | | | | knowledge of the Minnesota property tax system |
| living. | | | | can help you with this process by comparing the |
| Refund Programs in Minnesota | | | | neighboring property values and seeking an |
| If you have several real estate holdings then you | | | | adjustment on yours or your families' behalf. |