This bill proposes an amendment to Minnesota Statutes, section 272.02, to establish a property tax exemption for specific properties owned by federally recognized Indian Tribes. The exemption applies to one parcel that:

1. Was classified as class 3a commercial property for taxes payable in 2025.
2. Is located in a first-class city with a population over 400,000 as per the 2020 federal census (which applies to Minneapolis).
3. Was owned by a federally recognized Indian Tribe or its instrumentality on January 1, 2024, and remains so.
4. Is used exclusively for Tribal purposes or as a purely public charity institution.

The exemption is limited to one parcel per qualifying entity, with a maximum size of 40,000 square feet. However, properties used for single-family housing, market-rate apartments, agriculture, or forestry are not eligible for this exemption.