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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.

Fast Fact Image

"Living in the Cities for four years made me appreciate the kind of lifestyle the rural area has to offer.  It is a wonderful place to raise a family, and people are not too busy to wave when passing by or just stop to visit.  I felt a strong desire to bring a form of quality of healthcare back to this area."

Dr. Kyle Pankonin, Lamberton

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