SF1587

SF1587 (Legislative Session 94 (2025-2026))

Property tax exemption extension for property held for economic development

Related bill: HF1088

AI Generated Summary

This bill proposes extending a property tax exemption for land held by the Port Authority of Bloomington, Minnesota, for economic development. The exemption, originally granted under Minnesota law for taxes payable from 2017 through 2025, would be extended for taxes payable from 2026 through 2031, as long as the property continues to meet the necessary requirements. Additionally, an initial application for the exemption must be filed with the assessor by June 30, 2025.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
February 19, 2025	Senate	Floor	Action	Introduction and first reading
February 19, 2025	Senate	Floor	Action	Referred to	Taxes
March 02, 2025	Senate	Floor	Action	Author added

Citations

[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill extends a property tax exemption for land held for economic development under section 272.02.",
      "modified": [
        "Extends the duration of property tax exemption from 2026 to 2031."
      ]
    },
    "citation": "272.02"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill modifies the application deadline for property tax exemptions under section 272.025.",
      "modified": [
        "An initial application for the exemption must be filed by June 30, 2025."
      ]
    },
    "citation": "272.025"
  }
]