The bill amends the General Property Tax Act to introduce a new section, 7yy, which provides a tax exemption for the principal residence of individuals aged 70 years or older. This exemption applies to taxes levied after December 31, 2025. To qualify for this exemption, individuals must own and occupy the property as their principal residence, be at least 70 years old, and file a claim with the local assessing unit, including supporting documentation to verify their eligibility.

Once granted, the exemption will remain in effect as long as the individual continues to own and occupy the property as their principal residence. The bill also expresses the legislature's intent to appropriate sufficient funds from the state general fund to compensate local governments for any revenue losses incurred due to this tax exemption.

Statutes affected:
Senate Introduced Bill: 211.1, 211.155