creating a property tax exemption and credit opt-out mechanism.

HB 1400 allows property owners to opt out of funding locally adopted property tax credits or exemptions by submitting form PA-29 annually by April 15th. It directly affects property owners who pay local property taxes but do not currently receive any local tax credits or exemptions. The key provision requires annual submission of the form to stop contributing to these programs, with the exception that those already receiving benefits cannot opt out. This creates a straightforward mechanism for property owners to decline funding local tax programs without needing to alter their existing tax status. The bill takes effect 60 days after enactment.