SF 1587

Introduction - 94th Legislature (2025 - 2026)

Posted on 07/18/2025 02:51 p.m.

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

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

Section 1. new text begin EXEMPTION FOR LAND HELD FOR ECONOMIC DEVELOPMENT.
new text end

new text begin Notwithstanding Minnesota Statutes, section 272.02, subdivision 39, property owned
by the Port Authority of the city of Bloomington that was acquired by the Port Authority
in May 2016 and exempt under Minnesota Statutes, section 272.02, subdivision 39, for
taxes payable in 2017 through 2025, must continue to be exempt pursuant to Minnesota
Statutes, section 272.02, subdivision 39, for taxes payable in 2026 through 2031 provided
that the requirements of that subdivision are met. Notwithstanding Minnesota Statutes,
section 272.025, an initial application for the exemption under this section must be filed
with the assessor by June 30, 2025.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Bloomington and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end