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State Representative Michael Beard
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-8872
For more information contact: Jodi Boyne 651-296-0640
LETTER TO THE EDITOR
FILE FOR YOUR PROPERTY TAX REFUND NOW
To the editor,
With August upon us and the start of school looming, I would like to take the chance to inform readers about tax breaks that they might be able to take advantage of.
THE “REGULAR” PROPERTY TAX REFUND is available for homeowners that meet one of the following requirements: single with income below $91,120; families with income below $110,920; and seniors with incomes up to $114,220. How much you get back is determined by your income, the number of dependents you have and how much property tax you paid.
THE “SPECIAL” PROPERTY TAX REFUND has no income limits. Anyone whose 2007 property taxes increased by 12 percent is eligible, as long as the 12 percent increase amounts to at least $100. You can use the special refund even if you do not qualify for the regular refund.
All the forms and info you need are on the state’s taxes website www.taxes.state.mn.us. Hurry, you must apply by August 15!
If you have school-age children, you’re probably well into your annual back-to-school shopping. If that’s the case, be sure to save your receipts because they could have tax advantages through the K-12 tax credit or the education tax subtraction.
To receive the K-12 tax credit, you must have income below $37,500 if you have one child. The limit increases by $2,000 per-child, so if you have three children your income limit would be $41,500. The list of expenses that you can take credit for is very long, I encourage you to visit http://taxes.state.mn.us/taxes/individ/credits_subtractions_additions/education_credits_subtractions/educ_qual_exp.shtml and read the list to see what expenses you can claim.
The education tax subtraction has no income limits. If you pay tuition for your child’s K-12 education, you can get a refund of up to $2,500.
You can claim either of the education tax benefits on your regular income tax return next year. For more information, again I suggest you visit www.taxes.state.mn.us.
Sincerely,
Mike Beard
District 35A, State Representative
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