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Economic Development Property Tax Abatement

Category: Business Finance Options

What is economic development property tax abatement?

Minnesota law authorizes political subdivisions to grant property tax abatements
for economic development (e.g., to encourage a business to locate or expand at a location or to redevelop an area).

Minn. Stat. §§ 469.1813-469.1816.

Abatements may be either permanent forgiveness or temporary deferral of property tax. Abatements can serve similar purposes to tax increment financing (TIF), a widely used development tool. The legislature enacted the abatement law in 1997 to provide an alternative to TIF and to supplement it.

These economic development tax abatements should be distinguished from property tax abatements that are granted by the county board primarily to correct errors (e.g., to reduce the assessor’s market value or to change the classification).

Minn. Stat. § 375.192.

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"Just wanted to say thank you for a great tour of Redwood is so wonderful to see a community with such beauty and awareness of its potential by the way Redwood Falls promotes itself and the surrounding area. We thoroughly enjoyed seeing the growth and remarkable natural setting that the area provides....what a pleasant and unexpected surprise!!! Thank you again for taking the time to show us your beautiful city and all it has to offer....anyone would be pleased to visit and locate there!"

Jackie Buysse

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