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Tax Impact & Deductions

An overview of the tax impacts for homeowners and businesses can be seen in the charts below. 

You can find a personalized estimate for your home value using our tax calculator. 

Click on the chart to see a full screen version. 

Tax Deductions

In some cases tax increases can be off-set by property tax refunds, deductibility and deferrals. Information on those options can be found below.

  • Minnesota Homestead Credit Refund: Applies for homeowners with an adjusted gross income below $108,660.
  • Special Property Tax Refund: Applies if your property taxes increase by more than 12 percent and more than $100 from one year to the next. There is no income limit for this refund.
  • Deductibility of Property Taxes for State and Federal Income Taxes: If you itemize deductions for federal income taxes, you may deduct all property taxes paid.
  • Senior Citizen Property Tax Deferral: If you are 65 years or older and have a household income of $60,000 or less, you may be eligible to defer a portion of the property taxes on your home. 

If you have any questions email info@sowashco.org.