MN SF2436

Removes the nine-year holding period limit for property held by political subdivisions for economic development purposes, making the exemption unlimited.

Retains a 15-year maximum holding period for property located in cities with 5,000 or fewer residents located outside the metropolitan area as defined in section 473.121, subdivision 2.

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

Maintains existing restrictions that deny the exemption if more than half of available floor space in constructed buildings or improvements is leased to or used by private entities.

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