Synopsis As Introduced Amends the Senior Citizens Assessment Freeze Homestead Exemption provisions in the Property Tax Code. Increases the ceiling for household income eligibility for taxable years 2004 and thereafter from $40,000 per year to $45,000 per year. Provides that beginning in taxable year 2005 the household income limitation for eligibility for the exemption shall be adjusted annually to reflect increases in the Consumer Price Index reported by the federal Department of Labor. Provides that if the person qualifying for the exemption has been granted the exemption for the property in 2 consecutive taxable years as a result of the filing of an application, then the person qualifying need not reapply for the exemption for that property if at least one household member will be 70 years of age during the current taxable year. Amends the State Mandates Act to require implementation without reimbursement.