|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|
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.