MN HF4434

Establishes that when property is classified as part homestead and part nonhomestead due to incomplete owner occupancy or farming, the portions must correspond to each owner's actual ownership percentage as recorded in county land records.

Requires equal ownership shares to be assumed if ownership percentages cannot be determined from land records.

Modifies homestead market value exclusion calculations to prorate exclusions based on owner-occupant's percentage of ownership for properties where nonhomestead classification is solely due to incomplete owner occupancy.

Changes agricultural homestead market value credit computation to be based on the owner-occupant's percentage of homestead as determined by land records, rather than dividing equally by number of owners.

Effective dates: fractional homestead provision effective for assessments beginning in 2018; homestead exclusion and agricultural credit provisions effective for taxes payable in 2019 and thereafter.