| SB 0490 | Allows cities and counties to enact homestead exemption for senior citizens under a certain income limit |
| Sponsor: | Banks | |||
| 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: | ||
| Title: | ||||
| Effective Date: | August 28, 1999 | |||
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.
RUSS HEMBREE