This bill amends Minnesota Statutes to allow property tax abatements for land bank properties, which are defined as organizations that manage vacant, blighted, foreclosed, or tax-forfeited properties for future development. The bill introduces a new subdivision under section 469.1812 that defines "land bank organization" and specifies the criteria for such organizations, including being a nonprofit or a limited liability company with a nonprofit as the sole member. Additionally, it modifies section 469.1813 to include new provisions that allow for property tax abatements aimed at developing affordable housing and enabling land bank organizations to hold properties for future development.

Furthermore, the bill establishes a duration limit for abatements, allowing them for a maximum of 15 years, with specific provisions for abatements related to affordable housing and land bank organizations, which can only be granted for up to five years. It also introduces a requirement for land bank organizations to repay the abatement with interest if the property is used for purposes other than those specified prior to redevelopment. The effective date for these changes is set for the day following final enactment.

Statutes affected:
Introduction: 469.1812, 469.1813