ID S1241

Establishes income limitation for property tax reduction at the greater of $31,900 per household or 185% of federal poverty guidelines for a household of two, effective for tax year 2021 and thereafter.

Requires homeowners with assessed home values exceeding 125% of the county median assessed valuation for homestead exemption properties to be referred to the property tax deferral program instead of receiving tax reduction benefits, effective January 1, 2022.

Exempts veterans with 100% service-connected disability or individual unemployability rating compensated at 100% disability rate from the home value limitation restriction.

Sets maximum property tax reduction at $1,500 for lowest income limitation and $250 for highest income limitation in tax year 2021 and thereafter, with proportional reductions based on income levels.

Requires state tax commission to publish adjustments annually when federal cost-of-living modifications are announced, with adjustments published by October 1 and effective for the following property tax year.

Declares the act an emergency measure effective retroactively to January 1, 2022.