Requiring the commissioner of natural resources (DNR) in acquiring land in counties with more than a certain percentage of acreage in public ownership at the request of the county to offer to sell state land in the county of equal value to the land acquired, recommend to the land exchange board a qualified transfer to the county of other state owned property in the county of equal value or annually pay an amount equivalent to the nonhomestead property tax on the property; requiring the land exchange board to review land transfer recommendations and to consider the state policy relating to the percentage of publicly owned land in counties, requiring the commissioner to sell the state land or make the annual payments upon board nonapproval of a transfer, defining qualified transfer; applying the requirements to purchases, gifts and eminent domain acquisitions of property by the commissioner, exemptions, authorizing county waivers; requiring counties to offer transferred property for sale to potential property taxpayers, authorizing counties to derive income from unsold property after a certain amount of time, requiring remittance to the commissioner of net proceeds from the sale of or income derived from the property for deposit in the land acquisition account (ra)