MN HF3718

Extends homestead classification under Minnesota Statutes section 273.124 to property owned by or leased to family farm corporations, joint family farm ventures, limited liability companies, and partnerships with no more than 12 shareholders, members, or partners.

Allows homestead class 1b or class 2a assessment for one residence occupied by an actively farming shareholder, member, or partner, regardless of whether legal title is in the person's name or the entity's name.

Permits additional residences on agricultural land occupied by shareholders, members, or partners to receive class 2a or class 1b assessment if they are actively engaged in farming for the entity.

Allows agricultural property leased to family farm entities by individual owners to qualify for class 1b or class 2a classification if the owner resides on and actively farms the property.

Enables detached land owned or leased to family farm entities to receive first tier homestead class rates if contiguous to a class 2a homestead or located within four townships of a shareholder's, member's, or partner's homestead, effective for assessment year 2010 and thereafter.