Minnesota Senate Bill SF1587 Introduced / Bill

                    1.1	A bill for an act​
1.2 relating to taxation; property; extending a property tax exemption for property​
1.3 held for economic development.​
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.5 Section 1. EXEMPTION FOR LAND HELD FOR ECONOMIC DEVELOPMENT .​
1.6 Notwithstanding Minnesota Statutes, section 272.02, subdivision 39, property owned​
1.7by the Port Authority of the city of Bloomington that was acquired by the Port Authority​
1.8in May 2016 and exempt under Minnesota Statutes, section 272.02, subdivision 39, for​
1.9taxes payable in 2017 through 2025, must continue to be exempt pursuant to Minnesota​
1.10Statutes, section 272.02, subdivision 39, for taxes payable in 2026 through 2031 provided​
1.11that the requirements of that subdivision are met. Notwithstanding Minnesota Statutes,​
1.12section 272.025, an initial application for the exemption under this section must be filed​
1.13with the assessor by June 30, 2025.​
1.14 EFFECTIVE DATE.This section is effective the day after the governing body of the​
1.15city of Bloomington and its chief clerical officer comply with the requirements of Minnesota​
1.16Statutes, section 645.021, subdivisions 2 and 3.​
1​Section 1.​
25-03109 as introduced​02/10/25 REVISOR MS/ES​
SENATE​
STATE OF MINNESOTA​
S.F. No. 1587​NINETY-FOURTH SESSION​
(SENATE AUTHORS: WIKLUND and Mann)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​02/20/2025​
Referred to Taxes​