Are there any tax credits or deductions available for homeowners?

Yes, there are several tax credits and deductions available for homeowners in Minnesota. Homeowners may be eligible for the Homestead Credit Refund, which provides property tax relief based on income and property taxes paid. The Property Tax Refund program offers further relief to homeowners who experienced a significant increase in property taxes. Additionally, homeowners may claim deductions for Mortgage Interest, Real Estate Taxes, and Mortgage Insurance Premiums paid during the tax year. Energy-efficient improvements made to the home may qualify for the Residential Energy Credit. It is also worth noting that first-time homebuyers may take advantage of the First-time Homebuyer Savings Account deduction. However, eligibility criteria and income limitations may apply. For more detailed information and to determine eligibility, individuals are encouraged to consult the Minnesota Department of Revenue website or seek professional tax advice.