Legislative Session number- 83

Bill Name: SF1188

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 commissioner for the aid payments; +repealing the
residential homestead market value credit (ra)