S.F. No. 161 Summary

• Reduces the percentage of income claimants must pay toward property taxes (the "co-pay") across all household income levels, with reductions ranging from 0.1 to 1.0 percentage points depending on income bracket.

• Increases household income thresholds for homestead credit refund eligibility from $113,150 to $125,081, expanding the program to higher-income households.

• Increases maximum state refund amounts from $2,770 to $3,360 for most income brackets.

• Establishes 2023 as the statutory year for annual inflation adjustments to income thresholds and maximum refunds, effective for claims based on property taxes payable in 2025 and following years.

• Changes are effective for claims based on property taxes payable in 2024 and following years.