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Fractional Homesteads <br />If a portion of a property is classified as nonhomestead solely because not all the owners occupy <br />the property, not all the owners have qualifying relatives occupying the property, or solely <br />because not all the spouses of owners occupy the property, the exclusion amount shall be initially <br />computed as if that nonhomestead portion were also in the homestead class and then prorated to <br />the owner -occupant's percentage of ownership. When an owner -occupant's spouse does not <br />occupy the property, (and it does not receive a full homestead for the allowable instances when <br />spouses can live apart), the percentage of ownership for the owner -occupant spouse is one-half <br />of the couple's ownership percentage. (See a calculation example in the attached document.) <br />Rounding <br />The valuation exclusion shall be rounded to the nearest whole dollar, and may not be less than <br />zero. With respect to rounding, however, note that authority remains under M.S. 276.04, subd. 2, <br />to round tax amounts to the nearest even whole dollar. <br />Hierarchy of Market Value Components <br />Below is the hierarchy .of market value components. The homestead market value exclusion is <br />taken after any valuation exclusions or adjustments in 273.11, (which includes the platted vacant <br />land, "This Old House," "This Old Business," mold, and lead hazard exclusions), making it the <br />last adjustment in determining the taxable market value used to compute net tax capacities. <br />Hierarchy of Market Value Components: AY 2011 <br />1. <br />Market Value Irrespective of Contaminants <br />2. <br />Contamination Value <br />3. <br />Estimated Market Value (EMS [1 —2] <br />4. <br />Green Acres Deferment <br />5. <br />Rural Preserves Deferment <br />6. <br />Open Space Deferment <br />7. <br />Aggregate Resource Preservation Deferment <br />8. <br />Platted Vacant Land Exclusion <br />9. <br />"This Old House" Exclusion <br />10. <br />"This Old Business" Exclusion <br />11. <br />Disabled Veterans Exclusion <br />12. <br />Mold Damage Reduction <br />13. <br />Lead Hazard Reduction <br />14. <br />MV Prior to Homestead MV Exclusion [3-4-5-6-7-8-9-10-11-12-13] <br />15. <br />Homestead Market Value Exclusion <br />16. <br />Taxable Market Value (TMV) [14 — 15] <br />