HB 5733 Summary

• Allows persons who inherit property through a will or intestate succession to retain a principal residence exemption for up to 3 tax years if the property meets specific conditions (unoccupied, for sale, not leased or used commercially).

• Grants a 90-day grace period to inherited property recipients to decide whether to move into the property as their principal residence or sell it, with the exemption applying retroactively if they do either within that period.

• Permits the person claiming an exemption on inherited property to maintain an exemption on another property as their principal residence, as long as the inherited property remains unsold and unused for business purposes.

• Clarifies that claiming an exemption on inherited property does not affect rights to maintain exemptions on other properties, provided the inherited property meets all specified conditions.