This bill proposes an amendment to Minnesota Statutes 2024, section 273.117, regarding the property tax valuation of land with conservation restrictions or easements.

Key provisions of the bill include: - Generally, property subject to a conservation restriction or easement will not have its value reduced by the assessor if: 1. The restriction or easement is specifically for conservation purposes and is legally recorded. 2. The property is being used in accordance with the conservation restriction or easement.

• However, certain types of conservation restrictions or easements are exempt from this rule, meaning their impact on property value can be considered. These exemptions include:
  1. Restrictions or easements on riparian buffers (along lakes, rivers, and streams) used for water quantity or quality control.
  2. Easements in counties that have adopted a farmland and natural area protection program through referendum since 1999.
  3. Conservation restrictions or easements within metropolitan counties.
  4. Restrictions or easements in nonmetropolitan counties if the county has passed a resolution allowing assessors to consider their impact on property value.
  5. Conservation restrictions or easements established before May 23, 2013.

The bill primarily aims to clarify and update how conservation easements impact property tax valuations in Minnesota.