Bill
Bill > SF1587
summary
Introduced
02/20/2025
02/20/2025
In Committee
02/20/2025
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1587&ssn=0&y=2025 |
BillText | https://www.revisor.mn.gov/bills/text.php?number=SF1587&version=0&session=ls94&session_year=2025&session_number=0&format=pdf |
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