Exempts certain water quality management structures, funded by certain federal and State grants, from real property taxation.

This bill exempts certain water quality management structures (like rain gardens or wetlands built with federal/state grants) from property taxes. It affects property owners who install qualifying structures funded by USDA grants or state agricultural programs, reducing their taxable property value by the structure's assessed value. To qualify, owners must apply to their local enforcing agency, which certifies the structure's eligibility and purpose. The exemption applies starting the tax year after certification and can be revoked for fraud, misuse, or changes to the structure's original purpose. The bill defines "water quality management structure" and requires the state tax director to create implementation rules.