Senate Bill 960 proposes a tax exemption for agricultural land in Minnesota that maintains a "riparian buffer." A riparian buffer is a specific area of land near rivers, lakes, or streams that is maintained with vegetation to protect water quality by intercepting pollutants and reducing erosion. This bill would make this land exempt from property taxes as long as the landowner meets the requirements set out under section 103F.48 of the law.

Landowners would need to apply for this tax exemption, and their application must be assessed and approved by the county assessor and the local soil and water conservation district, ensuring that the land adheres to the specified environmental standards. Every year, the conservation district must verify that the land is still compliant and report this to the county assessor. If a landowner is not compliant, they will lose their tax exemption beginning from the next assessment date.

This bill also details coordination between the Commissioner of Revenue and the Board of Water and Soil Resources to establish appropriate application procedures for this exemption. Additionally, local taxing jurisdictions that lose revenue due to this exemption would be reimbursed, though the bill does not specify the source or process of this reimbursement.