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SF 3770 Senate Long Description

Relating to the property tax; modifying the computation of school district referendum equalization levies levied against certain property and exempting agricultural and homestead property from the general education tax; reducing the property tax classification rates for certain residential and agricultural homestead, commercial industrial, apartment, nonhomestead, seasonal residential recreational and mining property and eliminating the separate treatment of property located in transit zones; changing the education homestead and education agricultural credits to the general education homestead and agricultural exemption; reducing local government aid (LGA) to cities and towns, providing a homestead and agricultural credit aid (HACA) reduction and providing for an aid reduction levy; establishing a new homestead credit program for residential and agricultural homestead property, specifying certain duties of the county auditor and the commissioners of revenue and children, families and learning and appropriating money to the commissioners to pay the credit reimbursements; modifying certain tax rate computation and proposed property tax notice (truth in taxation) and statement provisions to reflect the homestead credit changes; modifying the city and county levy limit base (ra)