PROP TAX-RETIRED FIREFIGHTER

Amends the Property Tax Code. Creates the retired firefighters and police officers tax freeze homestead exemption. Provides that, beginning with taxable year 2004, a person receiving a retirement pension or retirement annuity under the Illinois Pension Code as a retired firefighter or police officer and who resides in the jurisdiction where he or she was a firefighter or police officer shall receive an exemption from property taxes in an amount equal to the difference between what the property tax bill for the residence would be in the taxable year minus the base amount. "Base amount" is defined as the property tax bill for the first year of eligibility for this exemption, plus any increase in the bill resulting from any added improvements thereafter. Amends the State Mandates Act to require implementation without reimbursement from the State.