Property tax abatement permission for land bank property

This bill allows Minnesota political subdivisions to grant property tax abatements (temporary tax reductions) specifically for land bank organizations. Land banks - defined as nonprofits or related LLCs managing vacant, blighted, foreclosed, or tax-forfeited properties for redevelopment - would qualify for these abatements under new provisions. The abatement period is limited to five years for land bank properties, and must align with public interest goals like redeveloping blighted areas or preserving tax bases. This directly affects land banks and the communities where they operate by reducing their tax burden during property rehabilitation.