PROP TAX-CATASTROPHE EXEMPTION

Amends the Property Tax Code. In provisions that authorize a partial exemption from property taxes for homestead properties that have been improved and residential structures on homestead property that have been rebuilt following a catastrophic event, changes the limit to $75,000 per year for that homestead property beginning January 1, 2004 and thereafter (now, $45,000 per year). Provides that the exemption shall continue until the homestead property is sold or otherwise transferred (now, for 4 years from the date the improvement or rebuilding is completed and occupied, or until the next following general assessment of that property, whichever is later). Effective immediately.