S.F. No. 487 allows agricultural land to qualify for agricultural homestead treatment if all or portions of the property are owned by a trust in which a deceased or surviving spouse was the grantor. Under current law, property will only receive homestead treatment if all of the property is owned by the same owner.
“Agricultural property” is defined as the house, garage, other farm buildings and structures, and agricultural land. For purposes of this section, “owned by the same person” or “under the same ownership” may include contiguous parcels owned by: (i) an individual and a trust of which the individual, their spouse, or the individual’s deceased spouse is the grantor; or (ii) different trusts of which the grantors of each trust are any combination of an individual, their spouse, or the individual’s deceased spouse.
Effective beginning with property taxes payable in 2018.