LINK. New Act Creates the Longtime Owner-Occupant Tax Exemption Act. Defines "longtime owner-occupant" as a person who for at least 25 continuous years has owned and has occupied the same dwelling place as a principal residence and domicile. Provides that the corporate authorities of a county shall have the power to provide, by ordinance or resolution, for special real property tax relief provisions granting longtime owner-occupants an exemption in the payment of that portion of an increase of real property taxes that is due to an increase in the assessed value of the property by more than 2% from the most recent prior assessed value of that property. Authorizes counties to impose additional criteria for qualifying for an exemption. Authorizes application of the Act to prior tax years. FEB-07-2002 S FIRST READING FEB-07-2002 S REFERRED TO SENATE RULES COMMITTEE RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary