When the grantor no longer resides on the property, the Agricultural
Limited Liability Company or Agricultural Limited Liability Partnership
no longer qualifies for the Homestead Tax Credit. Transfer of the
controlling interest in the Agricultural Limited Liability Company
or Agricultural Limited Liability Partnership, even to an immediate
family member who was not an owner at the time of the transfer to
the Limited Liability Company or Agricultural Limited Liability
Partnership, disqualifies the property from receiving the Homestead
Tax Credit.
If the controlling interest in the property transfers to another
individual who resides on the property, the property must first
be titled in that individual’s name and then transferred to
an Agricultural Limited Liability Company or Agricultural Limited
Liability Partnership to re-qualify for the Homestead Tax Credit.
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