H.F. 508 Summary

• Establishes an agricultural riparian buffer credit for Class 2a and 2b agricultural properties that maintain riparian buffers as defined in Minnesota Statutes section 103F.48, with eligibility certified by local soil and water conservation districts.

• Credit amount equals the net tax capacity based property tax attributable to the portion of property subject to riparian buffer requirements.

• County auditors determine tax reductions and certify amounts to the commissioner of revenue; the commissioner reimburses local taxing jurisdictions (other than school districts) in two equal installments on October 31 and December 26 of the taxes payable year.

• Commissioner of revenue certifies school district reductions to the Department of Education for reimbursement; an amount sufficient to make all payments is annually appropriated from the general fund.

• Credit takes effect for taxes payable in 2022 and is applied in the order specified in the net property tax computation, after conservation and agricultural credits but before homestead credits.