Bill > HB4330

This bill amends the General Property Tax Act to provide a property tax exemption for the principal residence of certain senior citizens. Specifically, the bill allows local assessing units to exempt in whole or in part the principal residence of individuals who are at least 65 years old, subject to certain income and asset requirements set by the local assessing unit. The bill also allows local assessing units to continue the exemption in subsequent tax years without requiring reapplication, provided there has been no change in ownership or occupancy status. Additionally, the bill makes changes to the existing property tax exemption for individuals living in poverty, including extending the exemption through 2023 for eligible properties and allowing the July or December board of review to grant an exemption for the immediately preceding tax year in certain cases.