The proposed bill establishes the Homestead Property Tax Relief Program within the Department of Financial Services, aimed at providing financial assistance to eligible homestead property owners. The program defines "eligible homesteader" as individuals who receive a homestead exemption on properties valued between $100,000 and $450,000, owned before September 30, 2024. Starting in 2026 and continuing through 2030, the Chief Financial Officer is mandated to issue annual warrants of $1,000 to each eligible homesteader on September 30 of each year. Additionally, the Chief Financial Officer will collaborate with county property appraisers to identify eligible participants.

To ensure effective administration, the Department of Financial Services is tasked with developing rules for the program. The bill also includes a provision for the program's repeal on January 1, 2031, and is set to take effect on July 1, 2026.