MN HF2849

Modifies the allowable holding period for property held by political subdivisions for economic development purposes from 9 years to 15 years for all jurisdictions.

Removes the previous distinction that allowed only cities with 5,000 population or less outside the metropolitan area to hold property for up to 15 years, while other areas were limited to 9 years.

Maintains exemptions for property held for housing purposes or property meeting conditions under section 469.174, subdivision 10.

Requires political subdivisions to certify to assessors whether acquired property is held for economic development, housing, or other qualifying purposes.

Takes effect for assessment year 2012 and thereafter, and for taxes payable in 2013 and thereafter.