SB 0078 Summary

• Allows relatives of deceased homeowners (within first degree of blood or affinity) to retain principal residence exemption for up to 2 tax years on inherited property if it was exempt as the decedent's principal residence, beginning December 31, 2017.

• Requires that inherited property be unoccupied, for sale, unleased, and not used for business or commercial purposes to qualify for the continued exemption.

• Heirs must file a conditional rescission form and property transfer affidavit with the local tax collecting unit within the timeframe specified in the exemption filing deadline provisions.

• Exemption for inherited property is in addition to any exemption the heir may claim on their own principal residence.