ST. PAUL, Minn – Sen. Ron Latz, DFL-St. Louis Park, introduced legislation today to benefit main streets and neighborhoods all across Minnesota. Latz’s This Old House and This Old Shop proposal incentivize reinvestment in communities by providing targeted property tax relief for improving older homes and businesses.
Many communities throughout the state have an aging building stock desperately in need of repair or renovation. This Old House and This Old Shop would allow homeowners renovating qualifying properties in these communities to pay property taxes based on the valuation of the property before improvements were made.
“Our sense of place is tied to familiar buildings—their value to us is much more than the materials they were made from. We want to create a tool to make these improvements so our towns, small and large, can reap the substantial benefits. Our bill will start the program for older homes and add the incentive to our older business buildings,” said Latz. “Our most successful cities and towns are those that are preserving and reinvigorating their character. Sadly, these homes and businesses that we cherish are at risk of being lost without reinvestment.”
League of Minnesota Cities Intergovernmental Relations Director Gary Carlson added, “Our cities are looking for tools to jump-start reinvestment in aging commercial and residential buildings. This Old House and This Old Shop would help restore the vibrancy of aging city neighborhoods.”
Charlie Van De Arde of Metro Cities Association said, “Community reinvestment is a priority for metro area cities. This Old House and This Old Shop will assist communities and businesses to revitalize main streets and commercial areas, help seniors stay in their homes by improving accessibility and support investments in Minnesotans’ homes.”
The This Old House and This Old Shop Bill has strong bipartisan support in the Senate. The bill co-authors include Senate Tax Committee Chair Roger Chamberlain, R-Lino Lakes, Sen. Kari Dziedzic, DFL-Minneapolis, and Sen. Dave Senjem, R-Rochester.