1.1 	A bill for an act
1.2 	relating to taxation; property; exempting certain property from taxation; amending 
1.3 	Minnesota Statutes 2022, section 272.02, by adding a subdivision.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2022, section 272.02, is amended by adding a subdivision 
1.6 	to read:
1.7 		Subd. 105.Elderly living facility. An elderly living facility is exempt from taxation if 
1.8 	it meets all of the following requirements:
1.9 	(1) the facility is located in a city of the first class with a population of fewer than 
1.10 	110,000;
1.11 	(2) the facility is owned and operated by a nonprofit organization organized under section 
1.12 	501(c)(3) of the Internal Revenue Code;
1.13 	(3) construction of the facility was completed between January 1, 1963, and January 1, 
1.14 	1964;
1.15 	(4) the facility is an assisted living facility licensed by the state of Minnesota;
1.16 	(5) residents of the facility must be (i) at least 55 years of age, or (ii) disabled; and
1.17 	(6) at least 30 percent of the units in the facility are occupied by persons whose annual 
1.18 	income does not exceed 50 percent of the median family income for the area.

1.19 	EFFECTIVE DATE. This section is effective beginning with assessment year 2024 
1.20 	and thereafter.