The bill proposes a property tax exemption for agricultural riparian buffers in Minnesota. Specifically, it exempts riparian buffers—areas of vegetation near water bodies—located on agricultural properties classified as 2a or 2b under Minnesota law, provided the landowner complies with existing buffer requirements.

To receive the exemption, landowners must apply to the county assessor, using a form developed by the commissioner of revenue in consultation with the Board of Water and Soil Resources. The county assessor, in collaboration with the local soil and water conservation district, will determine the eligible portion of the property. The local conservation district must certify eligible land annually and notify the county assessor of any non-compliant landowners. If a landowner is found to be non-compliant, the tax exemption will be removed in the next assessment year.

Additionally, the bill requires that taxing jurisdictions be reimbursed for the lost revenue resulting from the property tax exemption.

This legislation aims to incentivize and support environmental conservation efforts on agricultural lands by reducing tax burdens for landowners who maintain riparian buffers.