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 state homestead property tax credit from $425 to $500 for property owners, with the change taking effect for tax years starting on or after January 1, 2024. To ensure the state can afford this increase, the legislation requires the Chief Fiscal Officer to submit an annual report by January 30 detailing the balance of the Property Tax Relief Trust Fund and calculating how much further the credit could be raised if funds allow. The report must be sent to various state officials and legislative leaders to inform future decisions about property tax relief.