Synopsis As Introduced Amends the Senior Citizens Assessment Freeze Homestead Exemption provisions in the Property Tax Code. Increases the ceiling for household income eligibility (i) for taxable year 2006, from $45,000 per year to $50,000 per year and (ii) for taxable years after 2006, the amount must be increased in an amount equal to the annual rate of increase of the Consumer Price Index for the previous calendar 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 State Board of Education)
The Illinois State Board of Education is unable to estimate the cost of this proposed legislation. They would need to know the amount of EAV that is decreased by each school district in order to project the effect of the legislation on General State Aid.