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Minnesota Statutes Property Taxes (Ch. 272-289) § 272.0212. Border development zone property

Current as of January 01, 2025 | Updated by Findlaw Staff

Subdivision 1. Exemption. All qualified property in a zone is exempt to the extent and for a period up to the duration provided by the zone designation and undersections 469.1731to469.1735.

Subd. 2. Limits on exemption. (a) Property in a zone is not exempt under this section from the following:

(1) special assessments;

(2) ad valorem property taxes specifically levied for the payment of principal and interest on debt obligations; and

(3) all taxes levied by a school district, except school referendum levies as defined insection 126C.17.

(b) The city may limit the property tax exemption to a shorter period than the duration of the zone or to a percentage of the property taxes payable or both.

Subd. 3. State aid. Property exempt under this section is included in the net tax capacity for purposes of computing aids under chapter 477A.

Subd. 4. Definitions. (a) For purposes of this section, the following terms have the meanings given.

(b) “Qualified property” means class 1, 3, 4, and 5 property as defined insection 273.13that is located in a zone and is newly constructed after the zone was designated, including the land that contains the improvements.

(c) “Zone” means a border city development zone designated under the provisions ofsection 469.1731.

Subd. 5. Finding required. The exemption under this section is available to a parcel only if the municipality determines that the granting of the tax exemption is necessary to enable a business to expand within a zone or to attract a business to a zone.

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Cite this article: FindLaw.com - Minnesota Statutes Property Taxes (Ch. 272-289) § 272.0212. Border development zone property - last updated January 01, 2025 | https://codes.findlaw.com/mn/property-taxes-ch-272-289/mn-st-sect-272-0212/

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