SF1587

Purpose

• Extend a property tax exemption for land held for economic development owned by the Port Authority of the City of Bloomington.

Main provisions

• For land that was acquired by the Port Authority in May 2016 and that was exempt under Minnesota law for taxes payable in 2017–2025, the exemption would continue to apply for taxes payable in 2026–2031, as long as the requirements of the applicable exemption (Minnesota Statutes section 272.02 subdivision 39) are met.
• An initial application for this exemption, under the new extension, must be filed with the local assessor by June 30, 2025.
• The bill uses “notwithstanding” to override the usual rules in these specific cases, ensuring continuity of the exemption and the required application deadline.

Effect on existing law

• Creates a long-term extension of the land’s property tax exemption for economic development purposes beyond 2025, moving the eligible period to 2026–2031.
• Maintains the same eligibility criteria from the existing exemption (272.02(39)) but requires an initial filing by a new deadline.
• Overrides the standard application timing (272.025) for this particular exemption with the June 30, 2025 deadline.

Application and deadlines (key actions)

• Initial exemption application: due by June 30, 2025.
• Where to file: with the assessor (local property tax assessor).
• Conditions: exemption continuation depends on meeting the requirements of Minnesota Statutes section 272.02 subdivision 39.

Who is targeted

• Property owned by the Port Authority of the City of Bloomington, specifically land acquired in May 2016.

Summary of changes

• The bill preserves and extends a pre-existing exemption for a defined period (2016 acquisition to 2031) for a specified port authority property, contingent on meeting the established criteria.
• It introduces a new deadline for initial qualification (June 30, 2025) and uses statutory language to prioritize this extension over the general exemption rules.

Relevant Terms exemption for land held for economic development; Port Authority of the City of Bloomington; Bloomington; acquired May 2016; taxes payable 2017–2025; taxes payable 2026–2031; Minnesota Statutes section 272.02 subdivision 39; not notwithstanding; requirements of subdivision 39; 272.025; initial application; assessor; June 30, 2025.