SB1643

SB1643 amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption.

SB1643 amends the Property Tax Code by increasing the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption each year by the percentage increase in the Consumer Price Index. This adjustment aims to ensure that the income cap keeps pace with inflation, thereby maintaining the exemption's effectiveness for eligible seniors. The bill specifies that the exemption applies to real property occupied as a residence by an individual who is 65 years of age or older and meets certain income criteria.