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Property tax credits. Provides that the homestead credit does not apply to the extent that the assessed value of the homestead exceeds $300,000. Limits the application of the state property tax replacement credit with respect to taxes imposed by civil taxing units on residential, commercial, and industrial real property parcels with high assessed valuations. Directs the department of local government finance to determine the savings to the state property tax replacement fund resulting from those changes, and to apply the savings to increase property tax replacement credit payments to school corporations.
