Minnesota law (MN Statute 273.11, Subd. 16 & 17) was established to encourage certain property owners to restore or renovate homes 45 years old and over. commonly referred to as “This Old House,” the law exempts from property taxation all or a part of the value of the improvements. The ability to apply for valuation exclusion expired on January 2, 2003.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.