I'm a Realtor in Michigan and we have a similar "homestead" law. In MI
not only is there a cap on your taxable value, you pay less millage
also. There are several runway communities around here (southeast MI)
and some people attach their hangars and others don't. The law says that
the land and all buildings on that piece of land form your "homestead"
so there is no tax advantage for an attached hangar.

Steve Easudes
Surovell Realtors