Property tax abatement for land bank property allowed.

Summary

This bill allows land banks in Minnesota to receive a property tax abatement, which is a reduction or exemption from property taxes. Land banks are organizations that acquire, manage, and develop vacant or abandoned properties to revitalize communities. By providing a tax break to land banks, this bill aims to encourage the revitalization of neglected properties and promote economic development in the state. This means that land banks will have less financial burden in managing these properties, making it easier for them to improve neighborhoods and make them more attractive for residents and businesses. Ultimately, the goal of this bill is to help communities address blight and create opportunities for growth and improvement through the work of land banks.