The bill proposes an increase to the homestead property tax credit in Arkansas. Specifically, it amends Arkansas Code 26-26-1118(a)(1)(A) to raise the credit amount from five hundred dollars ($500) to six hundred dollars ($600) for each assessment year. This change aims to provide greater financial relief to property owners by reducing the amount of real property taxes assessed on their homesteads. Additionally, the bill includes a provision stating that the new credit amount will take effect for assessment years beginning on or after January 1, 2025. This timeline allows for a transition period before the increased credit is implemented, ensuring that property owners can benefit from the enhanced tax relief in the near future.

Statutes affected:
Old version HB1534 V2 - 2-26-2025 10:09 AM: 26-26-1118(a)
Old version HB1534 Original - 2-19-2025 04:19 PM: 26-26-1118(a)
HB 1534: 26-26-1118(a)