PROP TAX-SR CIT ASSESS FREEZE

Amends the Senior Citizens Assessment Freeze Homestead Exemption provisions in the Property Tax Code. Provides that each county may opt to increase the annual income eligibility limits beginning with taxable year 2003. Provides that to increase the income eligibility limit up to an annual household income of $50,000 (now, $40,000 statewide) for taxable year 2003 and thereafter, the corporate authorities of the county must adopt an ordinance or resolution, as appropriate, approving the increased income eligibility limits for the senior citizens assessment freeze homestead exemption program in that county. Effective immediately.