Last call!
Tuesday, Aug. 15, is the last chance for Minnesota homeowners and renters to grab a refund of some property taxes for 2015. However, while Aug. 15 is their original due date, state residents who paid the taxes in 2016 can relax. Although Aug. 15 is the original due date, they still have another year—until Aug. 15, 2018 – to make a claim.
The refund for homeowners formally is called the “Homestead Credit Refund”; for people who rent, it’s simply the “Renter Property Tax Refund.” Minnesota Form M1PR covers both types of refunds. Also possible is a “special credit,” which applies to homeowners who have seen sudden increases (more than 12%) in their property taxes.
\Property owners and renters must qualify for the tax break based on income and on the amount of taxes they paid. Not everyone qualifies, but the refund can be rewarding for those who do. The average tax break last year figured to $840 for homeowners and $635 for renters, Minnesota Revenue said last week.
Homeowners must have their Statement of Property Taxes Payable, which is issued by their county, and renters must have their Certificate of Rent Paid, which comes from their landlords. (Check instructions for details about those proofs.)
Form M1PR can be filed electronically, as described in a video from Minnesota Revenue, https://www.youtube.com/watch?v=fU9rde_47WA, or on the agency’s Web site.
The state tax agency offers a short video online about the property tax refunds for renters. See https://www.youtube.com/watch?v=Jcrzs-L6HtQ.
Minnesota Revenue also is advising that refunds may be slower in coming this year than in the past because of precautions to prevent tax frauds such as identity theft.
While the 2015 deadline is all but gone, EricJohn Ltd. can help homeowners or renters with advice or a complete filing of Form M1PR for 2016.