HB 4981 Summary

• Amends section 7cc of the General Property Tax Act to allow owners relocating to assisted living facilities or nursing homes to retain principal residence exemptions on their former properties for an unlimited period, provided the property remains unoccupied, is for sale, and is not leased or used for business purposes.

• Requires owners in assisted living facilities to file a conditional rescission form with their local tax collecting unit by May 1 each year and annually verify by December 31 that the property meets the required conditions to maintain exemption eligibility.

• Specifies that if property subject to a conditional rescission is leased, the exemption denial becomes retroactive and effective December 31 of the preceding year.

• Replaces previous language limiting exemptions to a maximum of 3 tax years with new provisions allowing indefinite retention for owners in assisted living facilities or nursing homes, subject to annual compliance verification and property condition requirements.