Synopsis As Introduced Amends the Senior Citizens Assessment Freeze Homestead Exemption provisions in the Property Tax Code. Increases the ceiling for household income eligibility, for taxable years 2006 and thereafter, from $45,000 per year to $50,000 per year. Amends the Senior Citizens Assessment Freeze Homestead Exemption provisions and the State Mandates Act to require implementation without reimbursement from the State. Effective immediately.
State Mandates Fiscal Note (Illinois Community College Board)
In the opinion of the Illinois Community College Board, HB 274 may create a fiscal impact on the community colleges of Illinois. Community college districts in Illinois rely on property taxes for a large portion of their funding. That funding stream could be affected by the proposed legislation, which may reduce the amount of taxes collected for community college district funding; but to what extent is not known at this time.