The bill amends Minnesota Statutes to allow property tax abatements specifically for land bank properties. It introduces a new definition for "land bank organization," which includes nonprofit organizations that manage vacant or blighted properties and limited liability companies where such nonprofits are the sole members. The bill also expands the criteria under which political subdivisions can grant tax abatements, adding provisions for the development of affordable housing and allowing properties to be held by land bank organizations for future development.

Additionally, the bill sets limits on the duration of tax abatements, specifying that those related to affordable housing and land bank organizations cannot exceed five years. It also establishes a repayment requirement for land bank organizations if the property is used for purposes other than those stated prior to redevelopment. The effective date for these changes is the day following final enactment, ensuring that the new provisions can be implemented promptly.

Statutes affected:
Introduction: 469.1812, 469.1813