Property tax exemption extended for property held for economic development.

HF 1088 extends an existing property tax exemption for land owned by the Bloomington Port Authority. The exemption, previously covering taxes for 2017-2025, is now extended to cover taxes payable in 2026-2031, provided the property continues to meet the requirements of Minnesota law. The Port Authority must file a renewal application with the local assessor by June 30, 2025, to maintain the exemption. This bill specifically affects Bloomington's Port Authority property acquired in 2016 and does not create a new exemption or apply broadly to other properties.