TO INCREASE THE HOMESTEAD PROPERTY TAX CREDIT; AND TO REQUIRE A REPORT CONCERNING THE HOMESTEAD PROPERTY TAX CREDIT AND THE BALANCE OF THE PROPERTY TAX RELIEF TRUST FUND.

This Arkansas bill increases the homestead property tax credit for homeowners from $425 to $500 annually, beginning with tax assessments starting on or after January 1, 2024. The legislation also mandates that the state's Chief Fiscal Officer submit an annual report by January 30 detailing the balance of the Property Tax Relief Trust Fund and whether it can support further increases to the credit. These provisions directly affect property owners in Arkansas who qualify for the homestead credit and state officials responsible for managing tax relief funds.