Which Property Qualifies for a Minnesota Homestead Exemption?

Which of the following could qualify for a Minnesota homestead exemption?

A. A vacation home in Minnesota
B. A primary residence in Minnesota
C. A rental property in Minnesota
D. An out-of-state property

Final answer:

The Minnesota homestead exemption applies to a property owner's primary residence. Therefore, the only option that qualifies for a Minnesota homestead exemption is B. A primary residence in Minnesota.

Explanation:

The homestead exemption in Minnesota is designed to protect a certain amount of a homeowner's equity from creditors and also to provide a property tax benefit. To qualify for a Minnesota homestead exemption, the property in question must be the owner's primary residence. This means that:

• A vacation home in Minnesota, which is not the owner's primary residence, would not qualify.
• A primary residence in Minnesota would qualify.
• A rental property, unless the owner occupies part of it as their primary residence, would not qualify as a homestead.
• An out-of-state property cannot be considered for Minnesota's homestead exemption as it is not situated in Minnesota.

Therefore, the property that could qualify for a Minnesota homestead exemption is B. A primary residence in Minnesota.