MN HF1471

Modifies property tax exemption for airport property leased or used by private entities, requiring taxation of exempt property used for profit-generating businesses.

Exempts airport hangars used for aircraft storage, repair, manufacture, or aviation services from taxation at airports owned by cities, towns, or counties, except at Metropolitan Airports Commission or large city airports.

Subjects hangars leased for non-aviation businesses at all airports and all airport property at Metropolitan Airports Commission or cities over 50,000 population to taxation.

Provides 50 percent net tax capacity reduction for property taxes payable in 2024 through 2035 at airports owned or operated by cities with populations between 50,000 and 150,000.

Effective beginning with property taxes payable in 2024.