HB 543

Abstract

Amends the Property Tax Code. In a Section concerning the Senior Citizens Homestead Exemption, increases the amount of the maximum reduction in the 2007 taxable year and provides that, for each year thereafter, the maximum reduction must be increased by an amount equal to the annual rate of increase of the Consumer Price Index. 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 an amount equal to the annual rate of increase of the Consumer Price Index. Provides that certain senior taxpayers qualify for the exemption if they have a household income that does not exceed $75,000 (indexed to the Consumer Price Index) and have occupied the property as a residence for at least the 5 consecutive years immediately preceding the current taxable year. In a Section concerning tax bills, requires that each tax bill contain a statement drafted by the Department of Revenue that informs senior taxpayers or taxpayers with a disability of property tax benefits that are or may be available to them. Makes technical changes. Effective immediately.