SB 1170 Summary

• Modifies the poverty exemption process for principal residences by requiring applicants to file written affirmation of ownership and occupancy status with the local tax collecting unit on a state tax commission form.

• Establishes a multi-year exemption option allowing eligible persons with fixed incomes from public assistance or permanent disabilities to maintain exemptions for up to 3 years without reapplication, if they meet specific criteria.

• Requires persons receiving extended exemptions to file rescission affidavits within 30 days if they cease ownership/occupancy of the property or experience income/asset changes that affect eligibility.

• Imposes interest and penalty provisions for improperly claimed extended exemptions, including 1% monthly interest on back taxes from the original due date and delinquent status on March 1 of the following year.

• Clarifies terminology by replacing "assessing unit" with "tax collecting unit" throughout the statute and modifying language regarding federal poverty guidelines and documentation requirements.