Provide exemption for certain owner-occupied residential property owned by persons 67 or older

HB 461 proposes a property tax exemption for certain owner-occupied residential properties. It directly affects homeowners aged 65 or older who have continuously used the property as their primary residence for at least five years. The exemption amount is calculated based on the increase in market value compared to a "base year" when the exemption was first approved. Homeowners must apply annually by March 1, and the exemption can terminate if the property is sold, undergoes new construction or significant remodeling, or is reclassified.