SB4029 amends the Property Tax Code to increase the maximum income limitation for the low-income senior citizens assessment freeze homestead.

SB4029 amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption. Beginning in taxable year 2029, the maximum income limitation will increase annually by the percentage increase in the Consumer Price Index. The bill also specifies the application process for the exemption, including the submission of an affidavit of income and other relevant details. The Chief County Assessment Officer is tasked with verifying the accuracy of applications and may conduct audits to ensure eligibility.

SB4029 amends the Property Tax Code to increase the maximum income limitation for the low-income senior citizens assessment freeze homestead.

SB4029 amends the Property Tax Code to adjust the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption. Beginning in taxable year 2029, the maximum income limitation will increase annually by the percentage increase in the Consumer Price Index. The bill also specifies the application process for the exemption, including the submission of an affidavit of income and other relevant details. The Chief County Assessment Officer is tasked with verifying the accuracy of applications and may conduct audits to ensure eligibility.