Do you think your property taxes are too high? Well just pay less... here's how!
Warning: This could take 30 minutes of your time. So if you're billing out at hundreds of dollars an hour you may not find this worth your while. Everyone else... listen up! Property tax refunds are real, they are easy to obtain and they are far too often overlooked. Have you filed yours yet? If this didn’t make your summer to-do list (how can we blame you), don’t fret – there’s still time.
For homeowners there are two property tax refund programs available – the regular property tax refund and the special property tax refund. The regular property tax refund factors in your household income relative to the amount of your property tax bill in 2008. Homeowners that qualify for this program can receive a refund of up to $2,310, with the average refund being $695. The special property tax refund, among other qualifiers, is based on the amount your 2008 property taxes increased from 2007. The maximum refund for this program is $1,000, with the average refund being $75. Here is a quick overview to help determine if you may be eligible.
For renters, eligibility for a refund is based on your household income and the amount of property taxes you are considered to have paid through your rent. Qualifying renters may receive refunds of up to $1,490. The average renter’s refund is $585.
To determine if you’re eligible, as well as the amount of your refund, you’ll need to complete Form M1PR. Once you gather the necessary paperwork (Form 1040, Property Tax Statements, Certificate of Rent Paid-if applicable) the form shouldn’t take more than 30 minutes to complete.
So open up that file cabinet, log on to the MN Department of Revenue’s website and see if you’re due a refund. That’s worth potentially a few hundred dollars, isn’t it?Date: Tuesday, October, 13th 2009 @ 10:41:14 PM
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