This legislative bill in Minnesota aims to modify the rules regarding property tax exemptions for certain airport-related properties. Here are the key points of the bill:

1. Property Use For Profit: If a property that's normally tax-exempt (like public parks or airports) is used by a private business for profit, it will generally be taxed as if the business owned the property. However, there are exceptions.

2. Exceptions for Certain Airport Properties: Certain airport properties will remain exempt from this tax:

   • Properties used as hangars or for providing aviation services.
   • Properties used as public pedestrian ramps or concourses, passenger check-ins, ticket sales, boarding areas, or luggage claim areas at public airports, except for airports operated by major authorities or in larger cities.

3. Specific Airports and Hangars: Airports owned by larger entities or located in cities with populations over 50,000 are not covered by these exemptions. Additionally, hangars leased by businesses not related to aviation at these locations will not be exempt.

4. Tax Collection and Liability: The tax is payable like personal property taxes and does not become a lien against the property. Multiple parties using the property are each responsible for the tax.

5. Special Case for Mid-Sized Airports: Airports in cities with populations between 50,000 and 150,000 have a special provision. For such properties used essentially as part of airport operations or facilities, their property tax capacity will be reduced by 50% from 2026 to 2037.

This bill essentially updates tax rules for properties used in commercial activities that are normally tax exempt, focusing significantly on properties associated with airports, ensuring that certain airport operations remain incentivized while still collecting tax from other profitable uses.