ST. CLOUD -- Time is running out to classify properties as homestead.

The designation drastically changes the amount of taxes paid on that property.

You can qualify your residential property for homestead if you bought it in the last year and you or a relative are living in it on December 1st or if the property was previously classified as non-homestead and your or a relative are living there.

The deadline to apply is December 17th.

Also, if you sell the property or don't qualify for the homestead classification, you must notify the county assessor within 30 days.