Unit 2: Property Taxation

Question 1

T/F The property tax year in MN runs from January 1 through December 31.

Answer 1

True

Question 2

When are taxes due?

Answer 2

May 15 (first half) and October 15 (second half)

Question 3

Who receives the property tax?

Answer 3

The county where the property is located.

Question 4

Can you pay all your taxes on May 15 and nothing on October 15?

Answer 4

Yes

Question 5

Can you pay nothing on May 15 and then all of the taxes on October 15?

Answer 5

Yes, but there will be an interest penalty on May’s taxes.

Question 6

T/F Property taxes are enforced by foreclosable lien.

Answer 6

True

Question 7

How is the interest penalty calculated on unpaid taxes?

Answer 7

It is determined by:

1. Postmark date of tax statement
2. Postmark date of the payment
3. Homestead classification

Question 8

T/F Taxes are due on May 15 or October 15 or 21 days after the postmark on the tax statement.

Answer 8

True

Question 9

T/F Penalty rate is based on the value of the property.

Answer 9

False

Question 10

T/F Cities may assess property owners for performing maintenance to be in compliance with codes.

Answer 10

True