272.0212 BORDER DEVELOPMENT ZONE PROPERTY.
Subdivision 1. Exemption.
All qualified property in a zone is exempt to the extent and for
a period up to the duration provided by the zone designation and under sections
Subd. 2. Limits on exemption.
(a) Property in a zone is not exempt under this section
from the following:
(1) special assessments;
(2) ad valorem property taxes specifically levied for the payment of principal and interest on
debt obligations; and
(3) all taxes levied by a school district, except school referendum levies as defined in section
(b) The city may limit the property tax exemption to a shorter period than the duration of the
zone or to a percentage of the property taxes payable or both.
Subd. 3. State aid.
Property exempt under this section is included in the net tax capacity for
purposes of computing aids under chapter 477A.
Subd. 4. Definitions.
(a) For purposes of this section, the following terms have the meanings
(b) "Qualified property" means class 1, 3, 4, and 5 property as defined in section
that is located in a zone and is newly constructed after the zone was designated, including the
land that contains the improvements.
(c) "Zone" means a border city development zone designated under the provisions of section
Subd. 5. Finding required.
The exemption under this section is available to a parcel only
if the municipality determines that the granting of the tax exemption is necessary to enable a
business to expand within a zone or to attract a business to a zone.
History: 1998 c 389 art 12 s 1; 2002 c 377 art 7 s 1; 2004 c 228 art 3 s 4; 2005 c 152
art 2 s 3,4