The state-funded homestead credit refund program for Minnesotan homeowners provides assistance to those who have high property taxes in relation to their income. It follows that your income will determine both your eligibility and the size of your refund.
This includes income that is not subject to income tax and is calculated using taxes due less any homeowner-claimed targeting refunds.
Dependents, disabled claimants, and claimants over 65 are all eligible for deductions.
According to an article published by The US Sun on January 12, 2023, the program states that you can anticipate the following changes as your income rises: an increase in the threshold percentage, an increase in the taxpayer’s share of any additional tax due above the threshold, and a decrease in the maximum refund.
Claims filed in 2022 are eligible for a maximum refund of $2,930. Just keep in mind that homeowners who make more than $119,790 per year are not entitled to a refund.
The Minnesota Department of Revenue Form M1PR is used to submit claims, and it must be submitted separately from the individual income tax form. It was based on taxes due in 2023 that were filed prior to August 15, 2023, and will start to be paid in late September 2023.
Claims submitted electronically, however, might be paid up to a month earlier. August 15, 2024, is the deadline for submitting claims for taxes due in 2023. You won’t get a refund if you don’t file by that timeframe.