Synopsis As Introduced Amends the Property Tax Code. In a Section concerning the Senior Citizens Assessment Freeze Homestead Exemption, provides that, for taxable year 2007 and thereafter, the amount of the exemption is the equalized assessed value of the residence in the taxable year for which application is made minus the base amount (now, the amount of the exemption is based upon the applicant's household income). Provides that, in taxable year 2007 and thereafter, the maximum income limitation must be increased each year by the lesser of (i) 2% or (ii) an amount equal to the annual rate of increase of the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor Bureau of Labor Statistics. Makes technical changes. Effective immediately.