SB 308

Abstract

Amends the Property Tax Code. Creates a homestead improvement exemption for the installation and maintenance of a residential fire safety sprinkler system. Provides that homestead properties that (i) have been improved with a fire safety sprinkler system after January 1, 2005 or (ii) have been modified after January 1, 2005 under a safety compliance plan are entitled to a fire safety sprinkler homestead improvement exemption, limited to $2,500 or the actual cost of installation, whichever is less, for the year that the system is installed, and $100 each year thereafter that the system remains in place, when that property is owned and used exclusively for a residential purpose. Further amends the Property Tax Code and the Criminal Code of 1961 to add cross-references. Amends the State Mandates Act to require implementation without reimbursement from the State. Effective immediately.