- Is administered by the State of MN
- Must be 65 years old
- Household income is $60,000 or less
- Must have lived in home at least 15 years
- Property taxes must not exceed 3% of net income
- State pays remaining tax as a low interest loan
- Unpaid tax and interest will become a lien on the property
- The lien must be paid at the time of sale
Any property tax refunds from the State are applied to the deferred tax.
Forms and instructions are available from the State of Minnesota.