S.F. No. 5081 Summary

• Establishes an advance homestead credit for seniors equal to 50 percent of the homestead credit refund received in the previous year, applied to property taxes payable beginning in 2026.

• Eligible senior claimants (age 65+, or married couples with one spouse age 65+ and other age 62+) may elect to receive the advance credit by filing an application when claiming the homestead credit refund.

• Commissioner of revenue must certify advance credit amounts to county auditors by January 2 each year; county auditors apply credits to gross property taxes and reimburse taxing jurisdictions by October 31.

• Requires reconciliation between advance credits received and actual homestead credit refunds due, with claimants repaying any overpayments to the state.

• Appropriates sufficient funds from the general fund annually to reimburse local taxing jurisdictions (excluding school districts) and directs Department of Education to reimburse school districts for the advance homestead credit for seniors.