PROP TAX-SR CITZN ASSESS FREEZ

Amends the Senior Citizens Assessment Freeze Homestead Exemption provisions in the Property Tax Code. Increases the annual household income eligibility level beginning with taxable year 2003 to $50,000 or less (now, $40,000 or less). Provides that beginning in the taxable year 2004, the household income limitation for the exemption shall be subject to annual adjustments equal to the percentage of increase in the previous year for the Consumer Price Index published by the federal Department of Labor. Provides that no reimbursement by the State is required for the implementation of any mandate created by the Senior Citizens Assessment Freeze Homestead Exemption. Amends the State Mandates Act to provide that no reimbursement by the State is required for the implementation of any mandate created by the Senior Citizens Assessment Freeze Homestead Exemption in the Property Tax Code. Effective immediately.