No. HB 71
Filed under Taxes & Budget.
Distribution of Funds to Homestead Property Owners; Creates Homestead Property Tax Relief Program within DFS; defines “eligible homesteader”; requires CFO to annually issue warrants of specified amount to certain homestead property owners beginning & ending on specified dates; requires CFO to work with county property appraisers for specified purpose; provides future repeal.
Plain English Summary
AI-GENERATEDThe bill creates a new tax relief program within the Department of Financial Services. It mandates the distribution of funds to a specific group of property owners.
Eligibility is limited to owners of homestead property valued between $100,000 and $450,000. These owners must have received a homestead exemption on or before September 30, 2024.
The Chief Financial Officer must issue a $1,000 warrant to each eligible owner every September 30. This annual payment will occur from 2026 through 2030.
The program is temporary and will be automatically repealed on January 1, 2031. The Department of Financial Services will develop the rules to administer the program.
AIEstablishes a new state program to distribute annual cash payments to specific property owners.
AILimits program benefits to a specific group of property owners based on exemption status and property value.
AIRequires the state to pay a fixed amount to every eligible person for a set number of years.
AIAutomatically ends the program and its funding requirements after a specific date.