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State Representative Rod Hamilton
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-5373
For more information contact: Jason Wenisch 651-296-2317
NEWS RELEASE
HAMILTON: AGRICULTURAL HOMESTEAD ELIGIBILITY BILL CLEARS COMMITTEE
ST. PAUL – Two bills that would help lower property tax rates for farmers have passed their first legislative hurdle, according to State Representative Rod Hamilton (R-Mountain Lake).
“The bills take different approaches,” Hamilton said. “One is based on acreage; the other is based on market value. But both recently received strong support.”
The first bill approved by the Agriculture Policy Committee reforms property taxes for farmers by moving the .55% tax rate for homestead rates from the value of $600,000 to 640 acres. All value after that would be taxed at the 1% non-homestead rate. The second piece of legislation would increase the maximum market value of agricultural land eligible for homestead classification from $600,000 to $1 million.
“The current statute is outdated and our farmers are paying the price,” Hamilton said. “If either one of these bills are sent to the Governor, farmers that may have seen a 100 percent increase in their property taxes this year may actually receive a property tax reduction next year. I strongly support the expansion of homestead eligibility and am hopeful it will be debated on the House floor soon.”
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