Illinois General Assembly - Bill Status for HB4034

Amends the Property Tax Code. Creates the Senior Citizens Tax Freeze Homestead Exemption. Provides that, beginning with taxable year 2005, a person who meets requirements similar to the Senior Citizens Assessment Freeze Homestead Exemption provisions, excluding the income restrictions in those provisions, shall receive an exemption from property taxes in an amount equal to the difference between what the property tax bill for the residence would be in the taxable year minus the base amount. "Base amount" is defined as the property tax bill for the first year of eligibility for this exemption or the Senior Citizens Assessment Freeze Homestead Exemption, whichever is earlier, plus any increase in the bill resulting from any added improvements thereafter. Provides that the Senior Citizens Homestead Exemption and the Senior Citizens Assessment Freeze Homestead Exemption do not apply after taxable year 2005. Amends the State Mandates Act to require implementation without reimbursement from the State. Effective immediately.

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