Minnesota HF1006 allows property tax abatement for land bank property.

Minnesota HF1006 amends state statutes to allow property tax abatement for land bank property. A land bank organization can receive an abatement if it is used for purposes such as increasing the tax base, providing employment opportunities, or developing affordable housing. The abatement can last up to 15 years, with specific rules for duration limits and repayment if the property is used for a different purpose. The bill also defines "land bank organization" and specifies conditions under which abatements can be granted.

Minnesota HF1006 allows property tax abatement for land bank property.

Minnesota HF1006 amends state statutes to allow property tax abatement for land bank property. A land bank organization can receive an abatement if it is used for purposes such as increasing the tax base, providing employment opportunities, or developing affordable housing. The abatement can last up to 15 years, with specific rules for duration limits and repayment if the property is used for a different purpose. The bill also defines "land bank organization" and specifies conditions under which abatements can be granted.