Replaces everything after the enacting clause. Amends the Property Tax Code. In counties with 3,000,000 or more inhabitants, increases the maximum reduction for the Senior Citizen Homestead Exemption, the Senior Citizen Assessment Freeze Homestead Exemption, and the general homestead exemption. Increases the maximum income limitation for the Senior Citizen Assessment Freeze Homestead Exemption. Effective immediately.
House Floor Amendment No. 3 Makes changes to the engrossed bill by providing that the maximum reduction for the Senior Citizens Assessment Freeze Homestead Exemption shall be: (1) for taxable year 2017, (i) $65,000 for qualified property located in a county with 3,000,000 or more inhabitants and (ii) $55,000 for qualified property located in a county with fewer than 3,000,000 inhabitants; and (2) for taxable years 2018 and thereafter, $65,000 for all qualified property.