The bill amends the General Property Tax Act of 1893 by adding a new section, 7yy, which provides a partial tax exemption for qualified principal residence properties. This exemption applies to properties that meet specific criteria, including being exempt from local school district taxes and having undergone a transfer of ownership that resulted in an adjustment to taxable value. The exemption is structured to offer a reduction in taxable value of 67% for the first calendar year following the transfer and 33% for the second calendar year, contingent upon the taxable value exceeding 20% of what it would have been without the transfer.

Additionally, the bill defines "qualified surplus taxable value" as the dollar amount difference in taxable values resulting from the aforementioned adjustments. The enactment of this bill is contingent upon the passage of House Bill No. 6005 and will take effect 180 days after it is enacted into law.

Statutes affected:
House Introduced Bill: 211.1, 211.155