The bill amends the General Property Tax Act of 1893 by adding a new section, 7yy, which provides a tax exemption for property owned and occupied as a principal residence by senior citizens. Specifically, for taxes levied after December 31, 2025, such properties will be exempt from the collection of taxes under this act. However, these properties will still be subject to the specific tax levied under the Senior Citizens Principal Residence Specific Tax Act. The terms "principal residence" and "senior citizen" are defined as per the definitions in the Senior Citizens Principal Residence Specific Tax Act.

Additionally, the enactment of this amendatory act is contingent upon the passage of House Bill No. 4372. This stipulation ensures that the new tax exemption for senior citizens' principal residences will only take effect if the related legislation is also enacted into law.

Statutes affected:
House Introduced Bill: 211.1, 211.155