Bill Text: MN HF2424 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Land-banked property tax exemptions modified.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-02-28 - Referred by Chair to Property and Local Tax Division [HF2424 Detail]
Download: Minnesota-2011-HF2424-Introduced.html
1.2relating to property taxes; modifying exemptions;amending Minnesota Statutes
1.32010, section 272.02, by adding a subdivision.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 272.02, is amended by adding a
1.6subdivision to read:
1.7 Subd. 98. Certain land-banked property. (a) Property owned by a supporting
1.8organization of government and held as land-banked property is exempt.
1.9(b) For purposes of this subdivision, a supporting organization of government means:
1.10(1) a nonprofit organization that is exempt from federal income tax under section
1.11501(c)(3) of the Internal Revenue Code whose board of directors consists of the mayor
1.12of St. Paul, or an individual appointed by the mayor; the mayor of Minneapolis, or an
1.13individual appointed by the mayor; two members of the St. Paul City Council; two
1.14members of the Minneapolis City Council; one person residing in Minneapolis and
1.15appointed by the mayor of Minneapolis; one person residing in St. Paul and appointed
1.16by the mayor of St. Paul; four persons residing in the seven-county metropolitan area
1.17and appointed by the Metropolitan Council; four persons residing in the seven-county
1.18metropolitan area and appointed by the Minnesota Housing Finance Agency; and eight
1.19persons elected from time to time by the board of directors of the organization; or
1.20(2) a limited liability company of which such nonprofit organization is the sole
1.21member.
1.22(c) For purposes of this subdivision, land-banked property means real property
1.23that is:
1.24(1) vacant land or unoccupied buildings;
2.1(2) located in the area of North Minneapolis affected by the tornado of May 22,
2.22011, and covered by Presidential Disaster Declaration FEMA-1990-DR; and
2.3(3) acquired and held by the supporting organization of government for future
2.4development.
2.5(d) An exemption provided by this subdivision shall apply for a period not to
2.6exceed five years.
2.7(e) No more than 50 properties shall be exempt at any one time.
2.8(f) The exemption created by this subdivision expires with taxes payable in 2018.
2.9EFFECTIVE DATE.This section is effective for assessments in 2012, taxes
2.10payable in 2013, and thereafter.
1.32010, section 272.02, by adding a subdivision.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Minnesota Statutes 2010, section 272.02, is amended by adding a
1.6subdivision to read:
1.7 Subd. 98. Certain land-banked property. (a) Property owned by a supporting
1.8organization of government and held as land-banked property is exempt.
1.9(b) For purposes of this subdivision, a supporting organization of government means:
1.10(1) a nonprofit organization that is exempt from federal income tax under section
1.11501(c)(3) of the Internal Revenue Code whose board of directors consists of the mayor
1.12of St. Paul, or an individual appointed by the mayor; the mayor of Minneapolis, or an
1.13individual appointed by the mayor; two members of the St. Paul City Council; two
1.14members of the Minneapolis City Council; one person residing in Minneapolis and
1.15appointed by the mayor of Minneapolis; one person residing in St. Paul and appointed
1.16by the mayor of St. Paul; four persons residing in the seven-county metropolitan area
1.17and appointed by the Metropolitan Council; four persons residing in the seven-county
1.18metropolitan area and appointed by the Minnesota Housing Finance Agency; and eight
1.19persons elected from time to time by the board of directors of the organization; or
1.20(2) a limited liability company of which such nonprofit organization is the sole
1.21member.
1.22(c) For purposes of this subdivision, land-banked property means real property
1.23that is:
1.24(1) vacant land or unoccupied buildings;
2.1(2) located in the area of North Minneapolis affected by the tornado of May 22,
2.22011, and covered by Presidential Disaster Declaration FEMA-1990-DR; and
2.3(3) acquired and held by the supporting organization of government for future
2.4development.
2.5(d) An exemption provided by this subdivision shall apply for a period not to
2.6exceed five years.
2.7(e) No more than 50 properties shall be exempt at any one time.
2.8(f) The exemption created by this subdivision expires with taxes payable in 2018.
2.9EFFECTIVE DATE.This section is effective for assessments in 2012, taxes
2.10payable in 2013, and thereafter.
