LET Apply for property tax refund
The Aug. 15 deadline for claiming the new expanded property tax refund is just around the corner, but filers have a one-year grace period to remain eligible for a check from the state. The 2001 property tax refund was greatly expanded, making more families eligible.
The household income eligibility limits in 2001 increased from $71,700 to $80,180 for homeowners and is set at $43,250 for renters. Most significantly, the major tax reform passed last year included a substantial boost in refunds, with the maximum amounts raised from $510 to $1,500. These bigger refunds were especially designed to help out typical homeowners and renters who did not fare nearly as well under the tax reform as most owners of very expensive homes and business properties.
For further information from the Minnesota Department of Revenue, call 651-296-3781 or visit www.taxes.state.mn.us for current information, the MIPR form and instructions.
With the Aug. 15 deadline so near, it is clear that many taxpayers will need to take advantage of the one-year grace period so they can still receive a refund. Do not hesitate to claim the refund due to you. The state budget is calculated based on the assumption that everyone qualifying for a tax refund will make a claim.