92nd General Assembly
Status of SB2043
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 Full Text  Bill Summary

   New Act                                                                     

        Creates the Longtime Owner-Occupant Tax  Exemption  Act.  Defines      
   "longtime  owner-occupant"  as a person who for at least 25 continuous      
   years has owned  and  has  occupied  the  same  dwelling  place  as  a      
   principal   residence   and  domicile.  Provides  that  the  corporate      
   authorities of a county shall have the power to provide, by  ordinance      
   or  resolution,  for  special  real  property  tax  relief  provisions      
   granting  longtime owner-occupants an exemption in the payment of that      
   portion of an increase of real  property  taxes  that  is  due  to  an      
   increase  in  the  assessed value of the property by more than 2% from      
   the most recent prior assessed  value  of  that  property.  Authorizes      
   counties   to   impose  additional  criteria  for  qualifying  for  an      
   exemption. Authorizes application of the Act to prior tax years.            
   FEB-07-2002  S  FIRST READING                                                  
   FEB-07-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary