This bill proposes an amendment to the General Property Tax Act of 1893 by adding a new section, 7yy, which provides a tax exemption for properties owned and occupied as a principal residence by senior citizens. Specifically, it states that for taxes levied after December 31, 2025, such properties will be exempt from the collection of taxes under the General Property Tax Act. However, these properties will still be subject to the specific tax levied under the Senior Citizens Principal Residence Specific Tax Act.

Additionally, the bill clarifies the definitions of "principal residence" and "senior citizen" by referencing the definitions provided in the Senior Citizens Principal Residence Specific Tax Act. It is important to note that this amendment will only take effect if House Bill No. 4372 is also enacted into law.

Statutes affected:
House Introduced Bill: 211.1, 211.155