MN SF4206

Establishes a new agricultural riparian buffer credit for Class 2a and 2b agricultural properties containing certified riparian buffers, effective for taxes payable in 2021.

Credit amount equals the net tax capacity based property tax attributable to the portion of property subject to riparian buffer requirements under section 103F.48.

County auditors must certify tax reductions to the Commissioner of Revenue, who reimburses local taxing jurisdictions (other than school districts) in two equal installments on October 31 and December 26 of each taxes payable year.

School district reimbursements are certified to the Department of Education and paid according to existing school finance provisions.

An amount sufficient to make payments is annually appropriated from the general fund to the Commissioner of Revenue (non-school districts) and Commissioner of Education (school districts).

Amends property tax credit computation order and tax notice requirements to include the new agricultural riparian buffer credit, effective for taxes payable in 2021.