MN SF5029

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 under Minnesota Statutes 2022, section 273.124, subdivision 8.

Permits family farm entities to claim homestead property tax classification for one primary residence occupied by a shareholder, member, or partner actively engaged in farming, regardless of whether the entity or individual holds legal title.

Allows additional residences owned by qualifying farm entities and located on agricultural land to receive class 2a or class 1b property assessment if occupied by shareholders, members, or partners actively engaged in farming.

Enables individual shareholders, members, or partners who lease agricultural property to the family farm entity to claim homestead classification if they reside on and actively farm the property.

Effective for homestead applications beginning in 2024.