For property tax years commencing on or after January 1, 2025, the act creates a new subclass of residential real property called qualified-senior primary residence real property, which includes residential real property that as of the assessment date is used as the primary residence of an owner-occupier, as defined in the act, if: The owner-occupier applies to the county assessor for the classification in the manner required by the act; The owner-occupier previously qualified for the property tax exemption for qualifying seniors (exemption) for a different property for a property tax year commencing on or after January 1, 2020, and does not qualify for the exemption for the current property tax year; and The circumstances that qualify the property for the classification have not changed since the filing of the application. The act also: Classifies property that might otherwise be classified as multi-family residential real property that contains a unit that qualifies as qualified-senior primary residence real property as multi-family qualified-senior primary residence real property and treats such property as qualified-senior primary residence real property; For property tax years commencing on or after January 1, 2025, but before January 1, 2027, sets the valuation for assessment for qualified-senior primary residence real property at 7.15% of the amount equal to the actual value of the property minus the lesser of 50% of the first $200,000 of that actual value or the amount that causes the valuation for assessment of the property to be $1,000; Establishes the processes by which an owner-occupier of residential real property may apply to have the owner-occupier's primary residence classified as qualified-senior primary residence real property and by which such an application is approved or denied; For property tax years commencing on or after January 1, 2025, but before January 1, 2027, requires the state to reimburse local governmental entities that levy property taxes for total property tax revenue lost due solely to the reduced valuation for assessment of qualified-senior primary residence real property as compared to the valuation for assessment of other residential real property and specifies the process by which the proper amount of reimbursement is calculated and reimbursement is made; and For state fiscal years in which excess state revenues are required to be refunded pursuant to the Taxpayer's Bill of Rights, establishes the reimbursement to local governmental entities as a means of refunding such excess state revenues. APPROVED by Governor May 14, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)