This bill amends the General Property Tax Act by adding a new section, 7yy, which provides a tax exemption for the principal residence of individuals aged 70 years or older. Specifically, for taxes levied after December 31, 2025, eligible individuals will be exempt from property taxes if they own and occupy the property as their principal residence, are at least 70 years old, and file a claim with the local assessing unit along with supporting documentation. The exemption will remain in effect as long as the individual continues to own and occupy the property.

Additionally, the bill expresses the legislature's intent to annually appropriate sufficient funds from the state general fund to compensate local governments for any revenue losses incurred due to this tax exemption. This provision aims to ensure that local governments are not financially disadvantaged by the implementation of the new exemption for senior citizens.

Statutes affected:
Senate Introduced Bill: 211.1, 211.155