HF 2424

as introduced - 87th Legislature (2011 - 2012) Posted on 02/22/2012 02:44pm

A bill for an act
relating to property taxes; modifying exemptions; amending Minnesota Statutes
2010, section 272.02, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 272.02, is amended by adding a
subdivision to read:

new text begin Subd. 98. new text end

new text begin Certain land-banked property. new text end

new text begin (a) Property owned by a supporting
organization of government and held as land-banked property is exempt.
new text end

new text begin (b) For purposes of this subdivision, a supporting organization of government means:
new text end

new text begin (1) a nonprofit organization that is exempt from federal income tax under section
501(c)(3) of the Internal Revenue Code whose board of directors consists of the mayor
of St. Paul, or an individual appointed by the mayor; the mayor of Minneapolis, or an
individual appointed by the mayor; two members of the St. Paul City Council; two
members of the Minneapolis City Council; one person residing in Minneapolis and
appointed by the mayor of Minneapolis; one person residing in St. Paul and appointed
by the mayor of St. Paul; four persons residing in the seven-county metropolitan area
and appointed by the Metropolitan Council; four persons residing in the seven-county
metropolitan area and appointed by the Minnesota Housing Finance Agency; and eight
persons elected from time to time by the board of directors of the organization; or
new text end

new text begin (2) a limited liability company of which such nonprofit organization is the sole
member.
new text end

new text begin (c) For purposes of this subdivision, land-banked property means real property
that is:
new text end

new text begin (1) vacant land or unoccupied buildings;
new text end

new text begin (2) located in the area of North Minneapolis affected by the tornado of May 22,
2011, and covered by Presidential Disaster Declaration FEMA-1990-DR; and
new text end

new text begin (3) acquired and held by the supporting organization of government for future
development.
new text end

new text begin (d) An exemption provided by this subdivision shall apply for a period not to
exceed five years.
new text end

new text begin (e) No more than 50 properties shall be exempt at any one time.
new text end

new text begin (f) The exemption created by this subdivision expires with taxes payable in 2018.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for assessments in 2012, taxes
payable in 2013, and thereafter.
new text end