Bill > SB245

This bill establishes a new "homeowner property tax reduction fund" within the state treasury, to be managed by the Department of Revenue, with the goal of providing property tax relief specifically for owner-occupied single-family homes by reducing the local effort for general education levies. Starting August 1, 2027, a portion of taxes collected from specific sales and excise taxes (chapters 10-45, 10-46, 10-46E, and 10-58) will be deposited into this fund instead of the general fund, with the exact percentage determined by a formula based on the tax rate. Additionally, on July 1, 2026, a significant sum of over $55 million will be transferred from the general revenue replacement fund into this new homeowner property tax reduction fund, and any interest earned on the fund's money will remain within it, with all expenditures requiring appropriation through the general appropriation bill.