Senate Sponsors: PETERSON-WALSH,L. Short description: PROP TX-SR CIT EXEMPT-MAX AMT Synopsis of Bill as introduced: Amends the Property Tax Code and the School Code. Provides that beginning with taxable year 1998, the maximum reduction for the Senior Citizens Homestead Exemption shall be $2,500 in all counties (now $2,500 in counties with 3,000,000 or more inhabitants and $2,000 in all other counties). Provides that beginning in tax year 1999 and thereafter, the amount of the reduction shall be subject to annual adjustments equal to the lesser of 5% or the percentage increase in the previous calendar year in the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status