Bill > SF2592

This bill provides property tax exemptions for the Proctor Speedway and the Hibbing Raceway in Minnesota. The key provisions are: 1) Any property used for the primary purpose of operating a dirt speedway in Proctor or a raceway in Hibbing, owned or leased by the respective cities or associated organizations, is declared to be for public and governmental purposes and is exempt from property taxes. However, the property remains subject to special assessments for local improvements. 2) The tax exemption applies even if the property is leased to another party for uses related to operating the speedway or raceway, regardless of the length of the lease. 3) The exemption does not apply to any property leased for residential, business, or commercial development unrelated to the operation of the speedway or raceway. 4) The tax exemptions are effective beginning with taxes payable in 2019, upon approval by the cities of Proctor and Hibbing and compliance with Minnesota's local approval requirements.