The proposed bill, titled the "Senior Citizens Principal Residence Specific Tax Act," aims to exempt certain properties owned and occupied by senior citizens (individuals aged 65 and older) from ad valorem property taxes starting after December 31, 2025. The bill defines key terms such as "principal residence," "senior citizen," and "taxable value," and establishes that local tax assessors will determine the value and taxable value of these properties annually.

In lieu of the ad valorem property taxes, the bill introduces a specific tax known as the senior citizens principal residence specific tax, which will be set at 50% of the amount that would have been assessed under the general property tax act. This specific tax will be collected in the same manner as general property taxes and will be distributed to various governmental entities. Additionally, unpaid specific taxes will be subject to forfeiture and foreclosure similar to delinquent taxes under existing law. The enactment of this bill is contingent upon the passage of House Bill No. 4379.