MN HF2424

Adds property tax exemption for land-banked property owned by a supporting organization of government in North Minneapolis

Defines supporting organization as a 501(c)(3) nonprofit or its LLC subsidiary with a board composed of mayors/appointees from St. Paul and Minneapolis, city council members, Metropolitan Council appointees, Minnesota Housing Finance Agency appointees, and eight elected board members

Exempts vacant land and unoccupied buildings located in the North Minneapolis tornado disaster area (May 22, 2011, FEMA-1990-DR) that are acquired and held for future development

Limits exemption to no more than 50 properties at any one time, with each property exempt for a maximum of five years

Exemption expires for taxes payable in 2018 and is effective for assessments beginning in 2012