The bill aims to increase 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 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 the amount of real property taxes assessed on their homesteads.

Additionally, the bill includes a provision that specifies the effective date of this increase. The new homestead property tax credit will apply to assessment years beginning on or after January 1, 2025. This timeline allows for the implementation of the increased credit in the upcoming tax cycle, benefiting homeowners in the state.

Statutes affected:
Old version SB263 Original - 2-20-2025 10:39 AM: 26-26-1118(a)
Old version SB263 V2 - 2-27-2025 01:07 PM: 26-26-1118(a)
SB 263: 26-26-1118(a)
Act 330: 26-26-1118(a)