The bill amends the General Property Tax Act to update the provisions regarding tax exemptions for eligible nonprofit housing properties. It introduces new language that allows charitable nonprofit housing organizations to apply for tax exemptions from the state tax commission, effective from December 31 in the year the exemption is approved. The bill specifies that the state tax commission must grant or deny the exemption within 60 days of receiving the application and must notify both the local tax collecting unit and the organization of its decision.

Additionally, the bill modifies the duration of tax exemptions for eligible nonprofit housing properties. It establishes that exemptions will last for a maximum of five years for residential building lots and three years for other types of eligible properties, contingent upon occupancy by an income-eligible person or transfer of ownership. The definitions of "low-income person" have been updated to "income-eligible person," with the income threshold raised from 80% to 120% of the statewide median gross income. The bill also clarifies the definitions of various terms related to the properties and organizations involved in the tax exemption process.

Statutes affected:
Senate Introduced Bill: 211.7