The bill establishes a new "residential property tax reduction account" within the state budget, which will be funded through specified allocations from the budget reserve account and investment earnings. The account is designed to provide refunds to homeowners for property taxes paid on their primary residences, with specific guidelines on the refund amounts and eligibility criteria. Homeowners can apply for refunds, which will be capped based on the account's balance, ensuring that funds are distributed proportionally if the account does not have sufficient resources to cover all claims.

Additionally, the bill amends existing statutes to facilitate the transfer of unappropriated funds into the new account and outlines the procedures for the property tax refund program. The program will first be implemented for tax year 2026, with refunds based on property taxes paid in 2025. The act is set to take effect on July 1, 2025, and includes provisions for the investment of funds within the account to maximize returns for future refunds.

Statutes affected:
Introduced: 9-2-1012, 9-4-719, 39-13-109