Bill > HB6281

This bill amends the General Property Tax Act to provide for a property tax exemption for the principal residence of certain senior citizens. The key provisions are: 1. Local assessing units can permit by resolution the principal residence of individuals aged 65 or older to be exempt in whole or in part from property taxes, subject to income and asset requirements established by the local unit. 2. Eligible individuals must own and occupy the property as their principal residence, be at least 65 years old, and meet any income and asset requirements set by the local unit. They must file a claim annually with the local unit, with some exceptions allowing for automatic renewal without reapplication. 3. The board of review must follow the local unit's policy and guidelines in granting or denying the exemption. Eligible individuals can also appeal the assessment on the property before the board of review. 4. The local unit must develop and implement an audit program to ensure the exemption is only provided to eligible properties, and individuals who claim the exemption improperly are subject to repayment of taxes and interest. 5. The bill also makes some changes to the existing property tax exemption for principal residences of individuals living in poverty, including provisions for automatic renewal in certain circumstances.