SF 1951 reinstated a valuation reduction for certain land by providing that the valuation of land subject to a conservation restriction or easement may be reduced by the assessor if: (1) the restriction or easement is for a conservation purpose and is recorded on the property; and (2) the property is being used in accordance with the terms of the conservation easement.

From 1981 until 2008, the value of property subject to a conservation easement was entitled to a reduced value subject to the conditions noted above. In 2008, the legislature amended the law so that the valuation reduction was no longer mandatory. In 2013, the legislature further amended the law by stating that the value of land subject to an easement was not entitled to a valuation reduction, except for (1) conservation restrictions or easements covering riparian buffers along lakes, rivers and streams; or (2) easements in a county that adopted a program to protect farmland and natural areas since 1999. The 2014 legislature added a third category of land not subject to the 2013 change - land subject to conservation restriction or easement entered into prior to May 23, 2013.

Effective beginning with assessment year 2018 and thereafter.