Amends existing law to provide procedures for calculating the value of property exempt from taxation belonging to a federally recognized Indian tribe and property taxes forgone and to provide duties of the county clerk and State Tax Commission; to provide application to taxing districts for 2016 taxable year only for those taxing districts containing property of federally recognized Indian tribes; and to provide for remittance of moneys to local governments for property belonging to a federally recognized Indian tribe and that is exempt from taxation.

PROPERTY TAXATION - Amends existing law to provide procedures for calculating the value of property exempt from taxation belonging to a federally recognized Indian tribe and property taxes forgone and to provide duties of the county clerk and State Tax Commission; to provide application to taxing districts for 2016 taxable year only for those taxing districts containing property of federally recognized Indian tribes; and to provide for remittance of moneys to local governments for property belonging to a federally recognized Indian tribe and that is exempt from taxation.