This legislative bill seeks to amend current property tax regulations in Minnesota. It focuses on how tax exemptions apply to certain types of property that are leased or used by private entities for profit-making purposes. Essentially, the bill proposes that:

1. Property such as land, used for certain specific purposes (e.g., in public parks, fairgrounds, or municipal facilities like stadiums) will remain exempt from taxes, even if leased to private businesses for profit-making activities.

2. It introduces a provision that certain leased properties related to aviation at smaller airports can remain tax-exempt, specifically those used for activities like aircraft storage, maintenance, or providing aviation goods and services.

3. The tax-exempt status will not apply to properties at major airports managed by the Metropolitan Airports Commission or in cities with populations over 50,000, except for specific areas such as passenger check-ins and luggage claims.

4. Other specific exemptions include properties used under cooperative farming agreements or leased by nonprofit conservation organizations for grazing that supports their conservation efforts.

The bill aims to clarify and extend tax exemptions while ensuring that the exempt status is properly regulated, preventing potential misuse where properties are used for profit by private entities. The taxes related to these properties will be treated as personal property taxes and will not become a lien against the property, thus simplifying their administration and enforcement.