MN SF2610

Modifies class 1c property eligibility to allow homesteads held by shareholders, partners, or members of entities that own the resort, in addition to those held directly by the corporation, partnership, or limited liability company.

Changes language from "even if" to "whether" regarding title ownership arrangements for homestead portions of class 1c properties.

Class 1c properties remain limited to commercial use no more than 250 days per year, must abut public water, include at least three rental units, and provide recreational activities or services.

Homestead portion of class 1c property continues to be classified as class 1a, with remainder tiered at: tier I ($600,000) at 0.50 percent, tier II ($1,700,000) at 1.0 percent, and tier III remainder at 1.25 percent.

Effective for taxes payable in 2013 and thereafter.