MN HF259

Adds property tax exemption for elderly living facilities to Minnesota Statutes section 272.02, effective for assessment year 2024 and thereafter.

Facility must be located in a city of the first class with a population fewer than 110,000 and owned/operated by a nonprofit organization under section 501(c)(3) of the Internal Revenue Code.

Facility must be an assisted living facility licensed by the state of Minnesota with construction completed between January 1, 1963, and January 1, 1964.

Residents must be at least 55 years of age or disabled, and at least 30 percent of units must be occupied by persons with annual income not exceeding 50 percent of the median family income for the area.