Property tax: exemptions; property tax exemption for principal residence of certain senior citizens; provide for. Amends 1893 PA 206 (MCL 211.1 - 211.155) by adding sec. 7yy.

Senate Bill 292 proposes a new property tax exemption for certain senior citizens in Michigan, effective for taxes levied after December 31, 2025. It would exempt the principal residence of individuals aged 70 or older from property taxes. To qualify, an individual must own and occupy the property as their primary home and file a claim with their local assessing unit. Once granted, the exemption remains in effect as long as the individual continuously owns and occupies the property. The bill also states the legislature's intent to annually appropriate state funds to compensate local governments for any resulting lost revenue.