PROP TAXES-HOMESTEAD EXEMPTION

Amends the Property Tax Code. Provides that, in counties with 3,000,000 or more inhabitants, if a property has been granted a Senior Citizens Homestead Exemption, then the person qualifying need not reapply for the exemption. Increases the ceiling for household income eligibility for the Senior Citizens Assessment Freeze Homestead Exemption provisions, for taxable years 2003 and thereafter, from $40,000 per year to $45,000 per year. Creates a general homestead exemption provision that applies only to counties with 3,000,000 or more inhabitants and counties contiguous to counties with 3,000,000 or more inhabitants. Provides that the amount of the exemption is the equalized assessed value of the homestead property for the current tax year minus, in most cases, the property's base homestead value increased by 7% for each tax year after 2002 through and including the current tax year. Establishes procedures for determining the base homestead value of property improved after the 2002 tax year. Sunsets the provisions after the 2010 assessment year. Amends the Economic Development Area Tax Increment Allocation Act, the County Economic Development Project Area Property Tax Allocation Act, the County Economic Development Project Area Tax Increment Allocation Act of 1991, the Economic Development Project Area Tax Increment Allocation Act of 1995, the Tax Increment Allocation Redevelopment Act and the Industrial Jobs Recovery Law in the Illinois Municipal Code, the School Code, and the Criminal Code of 1961 to include a cross reference to the new general homestead exemption provision in 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). Amends the State Mandates Act to require implementation without reimbursement for the new general homestead exemption and the Senior Citizens Assessment Freeze Homestead Exemption. Effective immediately.