The bill proposes an increase in the homestead property tax credit for property owners in Arkansas. Specifically, it amends Arkansas Code 26-26-1118(a)(1)(A) to raise the credit amount from $375 to $425, thereby providing greater financial relief to homeowners by reducing their real property taxes assessed on their homesteads.

Additionally, the bill includes a provision that specifies the effective date of this increase, stating that the new credit amount will apply to assessment years beginning on or after January 1, 2023. This change aims to enhance the affordability of homeownership and support residents in managing their property tax obligations.

Statutes affected:
Old version HB1032 Original - 12-14-2022 08:25 AM: 26-26-1118(a)
Old version HB1032 V2 - 3-1-2023 09:22 AM: 26-26-1118(a)
HB 1032: 26-26-1118(a)
Act 315: 26-26-1118(a)