Exemption from tax liability.

Eliminates any property tax liability remaining after the application of all deductions, credits, or abatements provided under any law: (1) on real property that is the principal homestead residence of an individual who is at least 65 years of age; and (2) on business personal property. Requires the general assembly to replace the lost revenue to local taxing units. Eliminates an obsolete provision. This proposed amendment has not been previously agreed to by a general assembly.