The proposed bill seeks to amend the Constitution of Alabama of 2022 to allow qualified taxpayers aged 65 and older in Colbert County to claim a senior property tax exemption on their real property. This exemption applies to single-family owner-occupied residential properties that have been the principal residence of the taxpayer for at least five years prior to the tax year in which the exemption is claimed. The assessed value of the property will be frozen at the value from the year before the exemption is claimed, and the exemption can be claimed starting October 1, 2027, for the property value as of October 1, 2026.

Additionally, the bill outlines specific conditions for maintaining the exemption, including the requirement that the taxpayer continues to use the property as their principal residence and remains eligible for other exemptions. It also clarifies that any increases in assessed value due to property additions after claiming the exemption will still be subject to ad valorem tax. The bill includes provisions for the election process to ratify the amendment, which will be presented to voters, and it allows for nonsubstantive revisions to ensure clarity and consistency in the legal language.