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, effective for 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 supporting documentation to their local assessing unit. Once granted, the exemption remains in effect as long as the individual continues to own and occupy the property.

Additionally, the bill expresses the legislature's intent to ensure that sufficient funds are appropriated annually from the state general fund to compensate local governments for any revenue losses incurred due to this tax exemption. This provision aims to mitigate the financial impact on local governments while providing tax relief to senior residents.

Statutes affected:
Senate Introduced Bill: 211.1, 211.155