92nd General Assembly
Summary of SB2043
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Senate Sponsors:

Short description: 
LONGTIME OWNER-OCC TAX EXEMPTN                                             

Synopsis of Bill as introduced:
        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.            
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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