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 their real property taxes.

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, 2025. This ensures that property owners will benefit from the increased credit in the upcoming tax assessments.

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