MN SF5055

Establishes a new agricultural water quality credit of $5 per certified acre for class 2a and 2b agricultural property certified under the Minnesota agricultural water quality certification program located in Dodge, Fillmore, Goodhue, Houston, Mower, Olmsted, Wabasha, or Winona County.

County auditors determine and certify tax reductions to the commissioner of revenue, with the commissioner reimbursing local taxing jurisdictions (other than school districts) in two equal installments on October 31 and December 26 each year, and reimbursing school districts through the commissioner of education.

Appropriates an amount sufficient from the general fund to the commissioner of revenue and commissioner of education annually to make the required reimbursements to taxing jurisdictions and school districts.

Adds the agricultural water quality credit to the list of property tax credits that must be subtracted from gross tax in the specified order when computing net property taxes.

Amends property tax notice and tax statement requirements to separately display the agricultural water quality credit amount for affected properties, effective beginning with taxes payable in 2025.