Bill > SF51

This bill modifies Minnesota's property tax abatement laws to create new provisions for land bank organizations, which are nonprofit entities or limited liability companies that acquire and manage vacant, blighted, foreclosed, or tax-forfeited properties for future development. The bill expands the circumstances under which local government bodies can grant property tax abatements, specifically adding two new scenarios: (1) developing affordable housing for households at or below 80% of the area median income, and (2) allowing property to be held by a land bank organization for future development. The bill limits abatements for these specific purposes to a maximum of five years and includes a provision requiring land bank organizations to repay the abatement with interest if the property is not used for its originally intended purpose. The new law defines land bank organizations as either nonprofits with governing boards appointed by state or local government entities, or limited liability companies where such a nonprofit is the sole member. These changes aim to provide more flexibility for local governments in managing property development and promoting affordable housing initiatives.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0051&ssn=0&y=2025