SB 0605 Allows cities and counties to enact homestead exemption for certain senior citizens
LR Number:2438S.01I Fiscal Note:2438-01
Last Action:01/05/00 - Bill Stricken from Calendar Journal page:
Effective Date:August 28, 2000
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Current Bill Summary

SB 605 - This act authorizes the governing authority of any municipality or county to adopt an ordinance or order to allow a homestead exemption of up to $25,000 for senior citizens whose household income does not exceed $20,000 (adjusted for inflation after January 1, 2002). The taxpayer claiming the exemption is required to submit to the assessor, by March 1 of each year, a statement of household income. The governing authority is required to submit a copy of the ordinance or order to the local assessor by December 1 of each year. Persons receiving the circuit breaker tax credit are still eligible for the homestead exemption.

The act applies to all taxable years beginning after December 31, 2002.