Published on Wednesday, 30 November -0001 00:00
Recent law change may affect amount of property tax some ag homestead property owners pay in 2011
A new law was passed that has expanded the agricultural homestead classification for some property owners beginning with the 2010 assessment. It now allows for parcels owned by different farm entities to be linked to a member's, shareholder's, or partner's homesteaded class 2a agricultural property in order to utilize any remaining first tier homestead class rate. This change means that agricultural property owned by a family farm corporation, joint farm venture, limited liability company, or partnership may be "linked" to an individual's agricultural homestead, up to the amount remaining on the first tier of taxable market value. The linked parcel will receive only the benefits of the homestead class rate if the property is contiguous to an agricultural homestead or, if non-contiguous, is located in the same township or city, or not farther than four townships or cities from the property owner's class 2a homestead.
To qualify for this homestead benefit, property owners must notify the county assessor of their eligibility by submitting an application on or before July 1st. The application form is called "Notification of Agricultural Homestead Value Tier Linkage", and it can be obtained from the Stearns County website at www.co.stearns.mn.us.
The Stearns County Assessor's Office may also be contacted for additional requirements, information and forms at Room 37, Administration Building, 705 Courthouse Square, St. Cloud, MN or at (320) 656-3680.