Any county, municipality, school district, and special district in which a person who has reached the age of sixty-five years receives a homestead property tax exemption must be reimbursed for the exemption from the Trust Fund for Tax Relief. The reimbursement must be made by the Comptroller General on an annual basis on the terms and subject to the conditions as he may prescribe.

Nothing contained in this section may be construed as authority to grant property tax exemption other than as provided for by the laws and Constitution of this State.