To summarize from the MN Court Website, it looks like if the total weight of your boat, trailer, motor, and gear is under 3000 pounds – you qualify for a permanent registration for the boat trailer. If your weight is at or above 3000 pounds, you should have plates and be renewing on an annual basis.
I did ask a CO last Summer about this, and he stated that it is something that they will look to be enforcing more strictly in the future. He also stated that if you have a tandem trailer without plates and proof of annual registration, expect to be fined as this is a dead giveaway. Some of the larger single-axle rigs are a little less obvious and you may be able to get away with it. Any fiberglass rig 18’+ with a large 4 stroke motor is going to likely be over this threshold as well.
For reference, I have a 17′ Tuffy fiberglass boat, 115hp Opti, and a single axle trailer. The GVWR of my rig is listed at 2800lbs. Based on that, I’d say there are a lot of people in violation.