Bill Text: MN HF138 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Exempt property held for economic development holding period increased for certain cities.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2011-01-24 - Author added Persell [HF138 Detail]
Download: Minnesota-2011-HF138-Introduced.html
1.2relating to taxation; increasing the permitted holding period for exempt property
1.3held for economic development for certain cities; amending Minnesota Statutes
1.42010, section 272.02, subdivision 39.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 272.02, subdivision 39, is amended to read:
1.7 Subd. 39. Economic development; public purpose. The holding of property by a
1.8political subdivision of the state for later resale for economic development purposes shall
1.9be considered a public purpose in accordance with subdivision 8 for a period not to exceed
1.10eight years, except that for property located in a city of5,000 20,000 population or under
1.11that is located outside of the metropolitan area as defined in section
473.121, subdivision
1.122
1.13The holding of property by a political subdivision of the state for later resale (1)
1.14which is purchased or held for housing purposes, or (2) which meets the conditions
1.15described in section469.174, subdivision 10 , shall be considered a public purpose in
1.16accordance with subdivision 8.
1.17The governing body of the political subdivision which acquires property which is
1.18subject to this subdivision shall after the purchase of the property certify to the city or
1.19county assessor whether the property is held for economic development purposes or
1.20housing purposes, or whether it meets the conditions of section469.174, subdivision 10 .
1.21If the property is acquired for economic development purposes and buildings or other
1.22improvements are constructed after acquisition of the property, and if more than one-half
1.23of the floor space of the buildings or improvements which is available for lease to or use
1.24by a private individual, corporation, or other entity is leased to or otherwise used by
2.1a private individual, corporation, or other entity the provisions of this subdivision shall
2.2not apply to the property. This subdivision shall not create an exemption from section
2.3272.01, subdivision 2
;
272.68 ;
273.19 ; or
469.040, subdivision 3 ; or other provision of
2.4law providing for the taxation of or for payments in lieu of taxes for publicly held property
2.5which is leased, loaned, or otherwise made available and used by a private person.
2.6EFFECTIVE DATE.This section is effective for assessment year 2011 and
2.7thereafter and for taxes payable in 2012 and thereafter.
1.3held for economic development for certain cities; amending Minnesota Statutes
1.42010, section 272.02, subdivision 39.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 272.02, subdivision 39, is amended to read:
1.7 Subd. 39. Economic development; public purpose. The holding of property by a
1.8political subdivision of the state for later resale for economic development purposes shall
1.9be considered a public purpose in accordance with subdivision 8 for a period not to exceed
1.10eight years, except that for property located in a city of
1.11
1.12
1.13The holding of property by a political subdivision of the state for later resale (1)
1.14which is purchased or held for housing purposes, or (2) which meets the conditions
1.15described in section
1.16accordance with subdivision 8.
1.17The governing body of the political subdivision which acquires property which is
1.18subject to this subdivision shall after the purchase of the property certify to the city or
1.19county assessor whether the property is held for economic development purposes or
1.20housing purposes, or whether it meets the conditions of section
1.21If the property is acquired for economic development purposes and buildings or other
1.22improvements are constructed after acquisition of the property, and if more than one-half
1.23of the floor space of the buildings or improvements which is available for lease to or use
1.24by a private individual, corporation, or other entity is leased to or otherwise used by
2.1a private individual, corporation, or other entity the provisions of this subdivision shall
2.2not apply to the property. This subdivision shall not create an exemption from section
2.4law providing for the taxation of or for payments in lieu of taxes for publicly held property
2.5which is leased, loaned, or otherwise made available and used by a private person.
2.6EFFECTIVE DATE.This section is effective for assessment year 2011 and
2.7thereafter and for taxes payable in 2012 and thereafter.
