SB 0490 Allows cities and counties to enact homestead exemption for senior citizens under a certain income limit
LR Number:S2048.01I Fiscal Note:2048-01
Committee:Ways and Means
Last Action:03/23/99 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:August 28, 1999
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Current Bill Summary

SB 490 - This act authorizes the governing authority of any municipality or county to adopt an ordinance 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, 2001). 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 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, 1999.