MN SF776

Increases the maximum number of allowable shareholders, members, or partners for family farm corporations, joint family farm ventures, limited liability companies, and partnerships from 12 to 20 for purposes of agricultural homestead property tax classification

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 the land owned or leased by the qualifying family farm entity

Effective for homestead applications in 2025 and thereafter