Minnesota HF2539 increases the shareholder limit for entity-owned agricultural property eligible for homestead tax classification.

Minnesota HF2539 amends the homestead tax classification for agricultural property. It allows family farm corporations, joint farm ventures, limited liability companies, and partnerships to qualify for class 1b or class 2a assessments if the owner resides on the property and is engaged in farming. The bill also extends homestead treatment to other residences owned by these entities if they are occupied by shareholders, members, or partners actively farming the land. This applies to properties within four townships or cities of the agricultural land.

Minnesota HF2539 increases the shareholder limit for entity-owned agricultural property eligible for homestead tax classification.

Minnesota HF2539 amends the homestead tax classification for agricultural property. It allows family farm corporations, joint farm ventures, limited liability companies, and partnerships to qualify for class 1b or class 2a assessments if the owner resides on the property and is engaged in farming. The bill also extends homestead treatment to other residences owned by these entities if they are occupied by shareholders, members, or partners actively farming the land. This applies to properties within four townships or cities of the agricultural land.