The proposed bill, titled the "Senior Citizens Principal Residence Specific Tax Act," aims to exempt certain properties owned and occupied by senior citizens from ad valorem property taxes starting after December 31, 2025. Specifically, it defines a senior citizen as an individual aged 65 or older who owns and occupies a principal residence. The bill establishes that property qualifying for this exemption will be subject to a new specific tax, calculated as 50% of the taxable value multiplied by the local tax rate that would apply if the property were not exempt.

Additionally, the bill outlines the responsibilities of local tax collecting units, which must determine the value and taxable value of the exempt properties annually. The specific tax will be collected in the same manner as general property taxes and will be distributed to various governmental entities in accordance with existing laws. Unpaid specific taxes will face the same penalties as delinquent property taxes, including forfeiture and foreclosure. The enactment of this bill is contingent upon the passage of House Bill No. 4379.