Public Rangelands Fee Act of 1987

Public Rangelands Fee Act of 1987 - Sets forth a formula, beginning with grazing year 1988, for determining fees for domestic livestock grazing on public rangelands. Bases the formula on appraised base value, expressed in dollars per head or per month, and the forage value index. Prohibits annual fee adjustments greater or less than 25 percent for grazing years 1988 through 1990.

Amends the Public Rangelands Improvement Act of 1978 to: (1) decrease the percent of range improvement funding that must be used for range improvement and rehabilitation; (2) increase the percent of such funds available for personnel training; and (3) obligate a specified percent of such funds for riparian habitat improvement.

Amends the Federal Land Policy and Management Act of 1976 to obligate a specified percent of funds under such Act for riparian habitat improvement.