This bill amends the General Property Tax Act of 1893 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, the individual must be at least 63 years old and have used the property as their primary residence for at least 10 years, or have continuously used 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 in the current tax year minus a defined base amount. The bill stipulates that if married individuals maintain separate primary residences, only one can claim the exemption for one 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 bill.

Statutes affected:
Senate Introduced Bill: 211.1, 211.155