The bill aims to increase the homestead property tax credit for property owners in Arkansas. Specifically, it amends the existing law to raise the credit amount from five hundred dollars ($500) to six hundred dollars ($600) for each assessment year. This change is intended to provide greater financial relief to homeowners by reducing their real property tax burden.

Additionally, the bill establishes an effective date for this increase, stating that the new credit amount will apply to assessment years beginning on or after January 1, 2025. This timeline allows for a transition period before the new credit amount takes effect, ensuring that property owners can benefit from the increased tax credit in the near future.

Statutes affected:
HB 1534: 26-26-1118(a)