The bill establishes a rebate program for owners of qualifying properties who sell their property for a fair market value that is less than 97% of the county's appraised value for the tax year in which the sale occurs. Property owners can apply for a rebate equal to the excess property taxes levied on their property, with applications due by December 20 of the year following the sale. The rebate can also cover preceding tax years, limited to the year of sale and the four prior years. The calculation of the rebate will consider any homestead property tax refunds or other credits received by the owner, which will be excluded from the total property tax paid for the rebate calculation.

To qualify for the rebate, the property owner must have been the owner of record at each valuation date and through the date of sale, with only one rebate allowed per property per tax year. The bill outlines specific conditions under which applications may be denied, such as intentional alterations to the property or accepting less than fair market value to obtain a rebate. The provisions of this bill will take effect for qualifying sales occurring on or after July 1, 2026.