Providing for the use of household income in lieu of market value as the basis for computing property taxes on homestead property; requiring county assessors to annually provide lists of homesteads in the county to the commissioner or revenue and to mail a certain form to be completed by homeowners relating to household income for forwarding to the commissioner, specifying certain commissioner information verification and net tax capacity and referendum market value calculation and reporting requirements; modifying certain homestead property classifications and providing the tax capacity calculation formula for the property; providing for notice of proposed property taxes under truth in taxation provisions and for the contents of property tax statements to
homeowners, for collection of tax revenues by the commissioner and for
settlement of receipts between the commissioner and county auditors; providing for supplemental local government aid (LGA) to taxing jurisdictions with reduced net tax capacity or referendum market value based on the calculation change, specifying certain calculation duties of the commissioner and appropriating money to the commissioners or revenue and education for the aid payments; repealing the residential homestead market value credit
(ra)