The bill amends the law regarding the homestead property tax credit in Arkansas by increasing the credit amount from $425 to $500 for each assessment year. This change aims to provide greater financial relief to property owners by reducing their real property taxes assessed on their homesteads.

Additionally, the bill introduces a requirement for the Chief Fiscal Officer of the State to submit an annual report by January 30, detailing the balance of the Property Tax Relief Trust Fund and assessing whether the fund can support the increased homestead property tax credit. If the fund has a sufficient balance, the report will also specify the amount of increase that can be supported. The new provisions will take effect for assessment years beginning on or after January 1, 2024.

Statutes affected:
SB 3: 26-26-310, 26-26-1118(a)
Act 5: 26-26-310, 26-26-1118(a)