MN HF3159

Reduces the class rate on agricultural homestead property from 0.5 percent to 0.45 percent of market value for land up to the first tier valuation limit.

Maintains a one percent class rate for remaining agricultural homestead property above the first tier valuation limit.

Establishes Class 2c managed forest land classification with a 0.65 percent class rate, requiring owner application to assessor and commissioner of natural resources approval, with eligibility beginning May 1 if application received before that date or the following year if received after April 30.

Adds Class 2d airport landing area classification at one percent class rate for privately owned public use airports licensed under section 360.018, requiring commissioner of transportation certification.

Effective for taxes payable in 2011 and thereafter.