MN SF4380

Exempts property located in Minneapolis acquired by Red Lake Nation in September 2021 from property taxes payable in 2022 and the portion of taxes payable in 2021 after acquisition.

Requires the city assessor to provide the property owner an exemption application by August 1, 2024, and the property owner must file with the city assessor by that date.

Appropriates funds from the general fund to the commissioner of revenue in fiscal year 2024 to compensate the county for lost tax revenue attributable to the exemption.

Requires the county auditor to certify the exemption amount to the commissioner of revenue by August 1, 2024, the commissioner to pay the county by August 15, 2024, and the county auditor to distribute payment to the property owner by August 31, 2024.

Takes effect the day following final enactment.