Property tax exemption extension for property held for economic development

SF 1587 extends a property tax exemption for land owned by the Bloomington Port Authority, acquired in May 2016, which was previously exempt from taxes for 2017-2025. The exemption is now extended to cover taxes payable in 2026-2031, provided the land continues to be used for economic development. The Port Authority must file an initial application with the local assessor by June 30, 2025, to maintain the exemption, which becomes effective after Bloomington completes required administrative steps. This bill directly affects the Bloomington Port Authority and its tax obligations for this specific property.