HB 3553

Abstract

Amends the Property Tax Code. Provides that the alternative general homestead exemption applies on a permanent basis and increases the maximum amount of the exemption to $40,000 beginning in taxable year 2011. Removes an income limitation from the long-time occupant homestead exemption. Provides that, beginning in taxable year 2011, for the purpose of calculating the long-time occupant homestead exemption, "adjusted homestead value" is the lesser of (i) the property's base homestead value increased by 7% for each taxable year after the base year through and including the current tax year or (ii) the property's equalized assessed value for the current tax year minus the general homestead deduction. Effective immediately.