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Office of the Revisor of Statutes

SF 1422 Senate Long Description

Providing for the use of household income rather than market value as the basis for computing the property tax on homestead property; requiring county assessors to annually provide to the commissioner of revenue a list of homestead properties including the name, social security number and household income of the owner, providing for determination of the proper household income amount in false statement cases; providing for determination of the tax capacity of homestead property and for certification of household income, adjusted net tax capacity to be presumed equal to the net tax capacity; modifying the computation of tax rates; providing for inflation adjustments of homestead net tax capacity; modifying the tax statement mailing date; eliminating homesteads from the property tax refund program, excepting farm homesteads; appropriating money to the commissioner of children, families and learning to reduce the general education property tax levy; repealing the education homestead credit(ra)