Thanks to action taken recently by the Minnesota Legislature, Community Land Trust (CLT) homeowners may qualify for a reduction in property taxes.
CLT properties in good standing are now taxed at a 0.75% flat rate, resulting in a reduction of 25% in property taxes paid by CLT homeowners.
Here’s what you need to know.
Who is Eligible?
CLT homeowners who are in good standing with the CLT. Homeowners must be living in the home as their primary residence.
What does ‘Good Standing’ mean?
Homeowners who have no more than three months of outstanding ground lease payments or taxes due, and are living in their home as their primary residence are considered to be in good standing.
How do I Apply?
You will receive a letter from First Homes notifying you if you have any outstanding ground lease fees and asking you to confirm that you are living in the home full-time.
Please reply to the letter by emailing emily@rochesterarea.org. First Homes staff will then submit the necessary approval for the reduced tax rate to Olmsted County on your behalf.
What is the Deadline?
To allow First Homes enough time to submit the necessary forms for all eligible CLT homeowners, outstanding ground lease payments must be paid by November 1st.
We are excited about this opportunity to better support CLT homeowners.
If you have questions about your eligibility or ground lease fees, please contact Program Associate, Emily Neville, at emily@rochesterarea.org or 507-287-7117.