HB 5010

Abstract

Amends the Property Tax Code. Provides that, in counties with 3,000,000 or more inhabitants, the alternative general homestead exemption applies for assessment years (i) 2003 through 2011 if the general assessment year for the property is 2003, (ii) 2004 through 2012 if the general assessment year for the property is 2004, and (iii) 2005 through 2013 if the general assessment year for the property is 2005. Provides that, in counties with less than 3,000,000 inhabitants, the alternative general homestead exemption applies for assessment years (i) 2006 through 2012 if tax year 2005 is the designated base year and (ii) 2007 through 2013 if tax year 2006 is the designated base year. Effective immediately.