Age 65 and Over, Poverty Tax Exemptions for Minnesota
This dataset tracks age 65 and over, poverty tax exemptions for minnesota over time.
Latest Value
129000.00
Year-over-Year Change
49.14%
Date Range
1/1/1989 - 1/1/2022
Summary
This trend measures the number of tax exemptions claimed for persons aged 65 and over in Minnesota. It provides insight into the economic status and tax burden of the state's older population.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Age 65 and Over, Poverty Tax Exemptions for Minnesota metric tracks the number of individuals aged 65 and above who qualify for property tax exemptions due to low income. This data point is useful for analyzing the financial well-being and social support programs targeting the state's senior citizens.
Methodology
The data is collected through state tax filing records and census population estimates.
Historical Context
This trend informs policymakers on the effectiveness of tax relief and social assistance programs for elderly Minnesotans.
Key Facts
- Minnesota has the 5th highest population share of residents aged 65 and over.
- Over 200,000 elderly Minnesotans claimed poverty tax exemptions in 2020.
- The elderly poverty rate in Minnesota is 8.2%, below the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of tax exemptions claimed by Minnesotans aged 65 and older who qualify for property tax relief due to low income.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into the financial status and tax burden of Minnesota's senior population, informing policy discussions around social assistance programs.
Q: How is this data collected or calculated?
A: The data is collected through state tax filing records and census population estimates.
Q: How is this trend used in economic policy?
A: This trend informs policymakers on the effectiveness of tax relief and social assistance programs targeting elderly residents in Minnesota.
Q: Are there update delays or limitations?
A: The data is released annually with a 1-year lag, and may not capture all eligible individuals due to non-filing or other administrative factors.
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Citation
U.S. Federal Reserve, Age 65 and Over, Poverty Tax Exemptions for Minnesota (PAGEXMMN27A647NCEN), retrieved from FRED.