Legislative Session number- 84

Bill Name: SF1560

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)