Bill > HB5134

This bill creates the "Senior Citizens Principal Residence Specific Tax Act," which provides an exemption from ad valorem property taxes for property owned and occupied as a principal residence by senior citizens (individuals 65 years or older) starting in 2024. Instead, the bill levies a specific tax on the owners of such properties, equal to 50% of the property's taxable value multiplied by the local millage rate. The collected taxes will be disbursed to the state and local taxing units in the same manner as the general property tax. The bill also outlines the process for handling unpaid taxes, which are subject to the same forfeiture, foreclosure, and sale procedures as delinquent taxes under the General Property Tax Act.