Bill > HF2826

This bill provides property tax exemptions for certain real and personal property acquired, owned, leased, controlled, used, or occupied by the cities of Proctor and Hibbing in Minnesota for the primary purpose of providing a dirt speedway and a raceway, respectively. The property is declared to be acquired, owned, leased, controlled, used, and occupied for public, governmental, and municipal purposes, and is exempt from ad valorem (property) taxation, subject to special assessments levied by a political subdivision for local improvements. The exemption does not apply to property leased for residential, business, or commercial development or other purposes different from those necessary to the provision and operation of the speedway or raceway. The provisions are effective beginning with taxes payable in 2019 upon approval by the respective cities and compliance with relevant state statutes.