MN SF3358

Extends homestead property tax classification (class 1b or 2a) to residences owned by family farm corporations, joint family farm ventures, limited liability companies, and partnerships, occupied by shareholders, members, or partners actively engaged in farming, regardless of whether legal title is in the entity's name or the individual's name.

Limits the number of allowable shareholders, members, or partners in such entities to 12 for homestead classification purposes.

Allows agricultural property owned by individual members, partners, or shareholders and leased to the family farm entity to qualify for homestead class 1b or 2a assessment if the owner resides on and actively farms the property.

Permits contiguous or nearby agricultural property (up to four townships away) owned by or leased to family farm entities to receive first tier homestead tax rates on remaining market value not already classified on the shareholder's, member's, or partner's homestead property, with notification to county assessor required by July 1.

Effective for assessment year 2010 and thereafter, for taxes payable in 2011 and thereafter.