Property tax; shareholder limit for entity-owned agricultural property increased.

HF 2539 increases the shareholder limit for certain agricultural entities to qualify for favorable property tax treatment. The bill amends Minnesota law to raise the cap on family members (related by blood or marriage) who can own shares in family farm corporations, LLCs, partnerships, or joint farm ventures that own agricultural property. This change affects owners of farmland structured as these entities, allowing more family members to qualify for reduced tax classifications (class 1b or 2a) on homesteads and agricultural land. The adjustment applies to properties where qualifying shareholders reside on and actively farm the land, with the new limit effective for 2025 tax assessments. The bill does not alter the tax rates themselves, only the eligibility threshold for the lower tax classification.