Homestead redevelopment area credit establishment and appropriation

SF 199 creates a property tax credit for homeowners in designated redevelopment areas. It directly affects owners of residential properties (classified as 1a or 1b) located in second-class cities previously designated as redevelopment areas under federal law. The credit equals 70% of a home's tax value multiplied by the local capital debt tax rate, reducing property taxes paid to the city. County auditors certify credits to the state, which reimburses cities in two installments annually, with funds appropriated from the general fund. The credit takes effect for taxes payable in 2026.