MN SF755

Increases the maximum number of shareholders, members, or partners allowed for family farm corporations, joint family farm ventures, limited liability companies, and partnerships to qualify for agricultural homestead property tax treatment from 12 to 18

Applies to entities seeking class 1b or class 2a property tax assessment for homesteads occupied by shareholders, members, or partners who reside on and actively farm the land

Maintains existing requirements that the resident must be actively engaged in farming and that more than half of shareholders/members/partners must be qualifying relatives or their spouses

Effective for homestead applications in 2025 and thereafter