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Bill > SF1587


MN SF1587

MN SF1587
Property tax exemption extension for property held for economic development


summary

Introduced
02/20/2025
In Committee
02/20/2025
Crossed Over
Passed
Dead

Introduced Session

94th Legislature 2025-2026

Bill Summary

A bill for an act relating to taxation; property; extending a property tax exemption for property held for economic development.

AI Summary

This bill extends a property tax exemption for specific land owned by the Port Authority of Bloomington, Minnesota. Originally, the land was exempt from property taxes for the years 2017 through 2025, and this bill would further extend that exemption for taxes payable in 2026 through 2031. To qualify for the continued exemption, the property must meet the original requirements under Minnesota Statutes, section 272.02, subdivision 39. The bill also allows for a late initial application for the exemption, which must be filed with the assessor by June 30, 2025, despite typical filing deadlines. The bill becomes effective after the Bloomington city governing body and its chief clerical officer complete certain legal compliance procedures. This type of targeted tax exemption is often used to encourage economic development by reducing financial burdens on specific properties that are being held or developed for community benefit.

Committee Categories

Budget and Finance

Sponsors (3)

Last Action

Hearing (09:00:00 3/5/2025 ) (on 03/05/2025)

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