SB0425 Summary

• Expands the definition of "owner" for principal residence property tax exemption purposes to include a present beneficiary of a trust if the property is the beneficiary's principal residence and an affidavit is filed with the local assessor.

• Requires trust beneficiaries claiming exemptions to file an affidavit in a form prescribed by the Department of Treasury that includes the beneficiary's name, property address, and a statement confirming all exemption requirements are met.

• Maintains existing exemption eligibility for sole present beneficiaries of trusts who are totally and permanently disabled, using the Social Security Act's disability definition.

• Defines "principal residence" to include occupied dwellings, adjoining residential property, timber-cutover land, and portions of multi-unit dwellings rented less than 50% of living space.

• Allows properties that qualified as principal residences to retain that status for 3 years after being rented if the owner is on active military duty, subject to filing an affidavit with the assessor by May 1 each year.