The bill establishes the Homestead Property Tax Relief Program within the Department of Financial Services, aimed at providing financial assistance to eligible homestead property owners. It defines "eligible homesteader" as individuals who receive a homestead exemption on properties valued between $100,000 and $450,000, owned before September 30, 2024. The Chief Financial Officer is tasked with issuing annual warrants of $1,000 to these eligible homesteaders from 2026 to 2030 and will collaborate with county property appraisers to identify qualifying individuals.

Additionally, the Department of Financial Services is responsible for developing rules to effectively administer the program. The legislation includes a provision for the program's repeal on January 1, 2031, and is set to take effect on July 1, 2026.