MN HF4300

Reduces the minimum acreage requirement for special agricultural homestead classification from 40 acres to 5 acres for properties actively farmed by the owner, owner's spouse, or qualifying family members (grandchild, child, sibling, or parent)

Applies the same 40-to-5 acre reduction for agricultural property owned by family farm corporations, joint family farm ventures, family farm limited liability companies, or partnerships operating family farms

Removes the previous provision that allowed "undivided government lots and correctional 40's" to count toward meeting the acreage minimum

Maintains all other existing qualification criteria including Minnesota residency requirements, proximity limits (within four townships or cities), and prohibitions on claiming multiple agricultural homesteads

Effective beginning with assessment year 2027