Amends the Property Tax Code. Provides that property improved with a single family residence that is occupied as a principal dwelling place by an immediate family member of the property owner also qualifies for the general homestead exemption. Provides that "immediate family member" means a parent, grandparent, child, grandchild, or sibling of the property owner. Contains provisions imposing a civil penalty if a person knowingly misrepresents himself or herself as an immediate family member of the property owner when applying for a general homestead exemption. Effective immediately.