The proposed bill amends the General Property Tax Act by adding a new section, 7zz, which provides a partial tax exemption for real property used as an individual's primary residence, effective for taxes levied after December 31, 2025. To qualify for this exemption, the property must be owned by the individual or their close relatives, and the individual must either be at least 63 years old with a minimum of 10 years of residency or have continuously resided in the property for at least 30 years. Additionally, the total gross income of the individual and their household must not exceed $40,000.

The exemption amount is calculated as the taxable value of the primary residence minus a defined base amount. The bill stipulates that if married individuals maintain separate residences, only one can claim the exemption for one primary residence. The Department of Treasury is tasked with creating rules to implement this section, and several terms related to the exemption, such as "base amount," "base year," and "gross income," are defined within the new section.

Statutes affected:
Senate Introduced Bill: 211.1, 211.155