Senate Bill 1075 - Summary

• Establishes a homeowner property tax relief program providing sales tax funding to reduce property taxes on owner-occupied homes receiving the homestead exemption as of the second Monday in July each year.

• Excludes from relief bonds, school district levies, plant facility levies, and voter-approved temporary levies, and limits property tax calculations to one acre of taxable value per home.

• Requires county assessors to prepare homeowner property tax relief rolls by the fourth Monday of August annually, with county auditors certifying completed rolls by the fourth Monday of October to the state tax commission.

• Directs the state tax commission to distribute moneys from the homeowner property tax relief account by dividing available funds by total eligible property taxes statewide, then multiplying by each county's eligible property tax amount, with payments made December 20 and June 20.

• Appropriates $75,000,000 from the General Fund to the Homeowner Property Tax Relief Account by July 15, 2023, and establishes ongoing funding of 4.5% of sales tax revenues beginning fiscal year 2024; declares the measure an emergency.