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.