The Minnesota Legislature completed its 2014 session on Friday, May 16, 2014. The following are some of the recent changes the legislature has made:
AGRICULTURAL HOMESTEAD MARKET VALUE CREDIT
Increases the rate of the agricultural homestead market value credit so it reaches a maximum of $490 at a market value of $270,000 and over. Under current law, it reaches a maximum of $345 at $115,000 of value, but then decreases to $230 at a value of $345,000 and over. Effective beginning with taxes payable in 2015.