MN HF5074

Increases the maximum number of allowable shareholders, members, or partners in family farm corporations, joint family farm ventures, limited liability companies, and partnerships from 12 to 18.

Applies to entities that own or lease homestead agricultural property and seek class 1b or class 2a property tax assessment classifications.

Requires that more than half of shareholders, members, or partners be qualifying relatives as defined in Minnesota Statutes section 273.124.

Allows additional residences owned by qualifying entities on agricultural land to receive homestead property classifications if occupied by shareholders, members, or partners actively engaged in farming.

Effective for homestead applications submitted in 2024 and thereafter.