MN HF4265

Defines "land bank organization" as a nonprofit organization exempt under Internal Revenue Code section 501(c)(3) with governing board members appointed or elected by state or local government entities, or a limited liability company where such nonprofit is the sole member.

Adds land bank property holdings as a qualifying public interest purpose for property tax abatement, allowing political subdivisions to grant abatements when property is held by a land bank organization for future development.

Limits abatement duration for land bank property and affordable housing to a maximum of 5 years, compared to the standard 15-year limit for other abatement purposes.

Permits political subdivisions to grant abatements on vacant, blighted, foreclosed, or tax-forfeited property held by qualifying land bank organizations without the typical 8-year waiting period that applies between successive abatements.