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Synopsis As Introduced Amends the Property Tax Code. In provisions concerning the senior citizens homestead exemption, permanently removes the requirement to reapply for the exemption in counties with 3,000,000 or more inhabitants (currently, that requirement was eliminated only for taxable years 2019 through 2023). In counties with less than 3,000,000 inhabitants, provides that, if the county board passes a resolution removing the requirement to reapply for the exemption, the chief county assessment official shall conduct, by no later than December 31 of the first year of each reassessment cycle, an audit of all senior citizen homestead exemptions granted for the preceding reassessment cycle.
Senate Floor Amendment No. 1 Provides that, if the county board passes a resolution removing the requirement to reapply for the senior citizens homestead exemption, the chief county assessment official shall conduct a review (in the introduced bill, an audit) of all senior citizen homestead exemptions granted for the preceding reassessment cycle. Provides that the review shall be conducted prior to the submission of the final abstract for the first year of each reassessment cycle (in the introduced bill, by no later than December 31 of the first year of each reassessment cycle).
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