Minnesota SF51 allows property tax abatement for land bank property.

Minnesota SF51 amends state statutes to allow political subdivisions to grant property tax abatements for land bank property. A land bank organization can receive an abatement if it plans to develop affordable housing or hold the property for future development. The abatement duration can extend to 20 years under certain conditions. Land bank organizations must repay the abatement if the land is used for a different purpose than intended. The bill also modifies the duration limits and conditions for property tax abatements.

Minnesota SF51 allows property tax abatement for land bank property.

Minnesota SF51 amends state statutes to allow political subdivisions to grant property tax abatements for land bank property. A land bank organization can receive an abatement if it plans to develop affordable housing or hold the property for future development. The abatement duration can extend to 20 years under certain conditions. Land bank organizations must repay the abatement if the land is used for a different purpose than intended. The bill also modifies the duration limits and conditions for property tax abatements.