Replaces everything after the enacting clause. Amends the Property Tax Code. Creates an assessment freeze for properties containing a residential structure that has been rebuilt following a natural disaster occurring in taxable year 2012 or any taxable year thereafter. Provides that the amount of the reduction is the equalized assessed value of the residence in the taxable year for which application is made minus the equalized assessed value of the residence in the taxable year prior to the taxable year in which the natural disaster occurred, plus the first year's equalized assessed value of any added improvements which increased the assessed value of the residence after the base year. Provides that, to be eligible for the exemption: (i) the residential structure must be rebuilt within 2 years after the natural disaster; and (ii) the square footage of the rebuilt residential structure may not be more than 110% of the square footage of the original residential structure as it existed immediately prior to the natural disaster. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill. Creates the Natural Disaster Homestead Exemption (instead of the Natural Disaster Assessment Freeze Homestead Exemption). Provides that the exemption is equal to equalized assessed value of the residence in the first taxable year for which the taxpayer applies for an exemption under this Section minus the base amount. Provides that the taxpayer must make an initial application for an exemption under this Section no later than the first taxable year after the residential structure is rebuilt. Effective immediately.