This bill proposes a one-time special property tax refund for property taxes payable in 2026, establishing a framework for eligible property owners to apply for refunds. It defines "eligible property" to include various classifications such as residential homestead, residential nonhomestead, apartment, agricultural, rural vacant land, and managed forest land. Property owners who paid more than $0 in property taxes in 2026 can apply for a refund, with applications accepted starting July 15, 2026, and closing on September 15, 2026. The refund amount will be calculated based on the applicant's share of total property taxes payable across all eligible properties.

Additionally, the bill appropriates $4 billion from the general fund for these refunds in fiscal year 2027, marking it as a one-time appropriation. The commissioner of revenue is tasked with managing the application process and ensuring that refunds are distributed by December 31, 2026, for valid applications. This legislation aims to provide financial relief to property owners affected by property taxes in the specified year.