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MN SF2665

Bill

Official Source

Status

Introduced

3/17/2025

Primary Sponsor

Jeff Howe

Click for details

Origin

Senate

94th Legislature 2025-2026

AI Summary

  • Removes the 12-shareholder cap for family farm corporations, joint family farm ventures, limited liability companies, and partnerships seeking homestead property tax classification on agricultural land
  • Replaces the numerical limit with a requirement that all shareholders, members, or partners must be related by blood or marriage to qualify for homestead treatment
  • Allows qualifying entities to receive class 1b or class 2a property tax assessment for homesteads occupied by shareholders, members, or partners who reside on and actively farm the land
  • Effective for homestead applications in 2025 and thereafter

Legislative Description

Entity-owned agricultural property shareholder limit increase

Last Action

Referred to Taxes

3/17/2025

Committee Referrals

Taxes3/17/2025

Full Bill Text

No bill text available