Minnesota SF755 increases the shareholder limit for entity-owned agricultural homestead property.

Minnesota SF755 amends the state's homestead property tax laws to increase the shareholder limit for family farm corporations, joint family farm ventures, limited liability companies, and partnerships. This bill allows these entities to qualify for homestead classification for up to 18 shareholders, members, or partners. Homestead treatment applies even if the legal title to the property is in the name of the entity rather than the individual residing on it.

Minnesota SF755 increases the shareholder limit for entity-owned agricultural homestead property.

Minnesota SF755 amends the state's homestead property tax laws to increase the shareholder limit for family farm corporations, joint family farm ventures, limited liability companies, and partnerships. This bill allows these entities to qualify for homestead classification for up to 18 shareholders, members, or partners. Homestead treatment applies even if the legal title to the property is in the name of the entity rather than the individual residing on it.