MN SF4216

Tenants leasing property from charitable organizations that provide affordable housing for low-income individuals would be exempt from personal property taxation on that property

Currently, tax-exempt property held under a lease of at least one year is treated as the property of the lessee for taxation purposes; this bill creates an exception for affordable housing tenants

The exemption applies specifically to properties owned by "institutions of purely public charity" that qualify for property tax exemptions and have a purpose of providing housing for low-income individuals

Effective beginning with assessment year 2026 and thereafter