proper authority for their removal from office for official misconduct or neglect of duty.” SECTION 3. Section 123730 of the 1976 Code is amended to read: 123730. Taxes for township, school, municipal and “Section all other purposes provided for or allowed by law shall be levied on the same assessment, which shall be make made for State county taxes.” SECTION 4. Section 1237266(A) of the 1976 Code, as last amended by Act 386 of 2006, is further amended to read: If a trustee holds legal title to a dwelling that is the legal “(A) residence of a beneficiary sixtyfive years of age or older, or totally and permanently disabled, or blind, and the beneficiary uses the dwelling, the dwelling is exempt from property taxation in the amount and manner as dwellings are exempt pursuant to Section 1237250, if the beneficiary meets the other conditions required for the exemption. A copy of the trust agreement must be provided to certify this exemption. The trustee may apply in person or by mail to the county auditor for the exemption on a form approved by the department. Further application is not necessary while the property for which the initial application was made continues to meet the eligibility requirements. The trustee shall notify the county auditor of a change in classification within six months of the change. If the trustee fails to notify the county auditor within six months, a penalty must be imposed equal to one hundred percent of the tax paid, plus interest on that amount at the rate of onehalf of one percent a month. In no case may the penalty be less than thirty dollars or more than the penalty and any current year’s taxes. This interest are considered ad valorem taxes due on the property for purposes of collection and enforcement.” SECTION 5. Section 1237290 of the 1976 Code is amended to read: 1237290. The first ten fifty thousand dollars of the fair “Section market value of the dwelling place of persons shall be exempt from county, school and special assessment real estate property taxes when such persons have been residents of this State for at least one year, have each reached the age of sixtyfive years on or before
proper authority for their removal from office for official misconduct or neglect of duty.” SECTION 3. Section 123730 of the 1976 Code is amended to read: “Section 123730. Taxes for township, school, municipal and all other purposes provided for or allowed by law shall be levied on the same assessment, which shall be make made for State county taxes.” SECTION 4. Section 1237266(A) of the 1976 Code, as last amended by Act 386 of 2006, is further amended to read: “(A) If a trustee holds legal title to a dwelling that is the legal residence of a beneficiary sixtyfive years of age or older, or totally and permanently disabled, or blind, and the beneficiary uses the dwelling, the dwelling is exempt from property taxation in the amount and manner as dwellings are exempt pursuant to Section 1237250, if the beneficiary meets the other conditions required for the exemption. A copy of the trust agreement must be provided to certify this exemption. The trustee may apply in person or by mail to the county auditor for the exemption on a form approved by the department. Further application is not necessary while the property for which the initial application was made continues to meet the eligibility requirements. The trustee shall notify the county auditor of a change in classification within six months of the change. If the trustee fails to notify the county auditor within six months, a penalty must be imposed equal to one hundred percent of the tax paid, plus interest on that amount at the rate of onehalf of one percent a month. In no case may the penalty be less than thirty dollars or more than the current year’s taxes. This penalty and any interest are considered ad valorem taxes due on the property for purposes of collection and enforcement.” SECTION 5. Section 1237290 of the 1976 Code is amended to read: “Section 1237290. The first ten fifty thousand dollars of the fair market value of the dwelling place of persons shall be exempt from county, school and special assessment real estate property taxes when such persons have been residents of this State for at least one year, have each reached the age of sixtyfive years on or before
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