PROP TX-SENIOR ASSESS FREEZE

Amends the Property Tax Code. In a Section concerning the Senior Citizens Assessment Freeze Homestead Exemption, provides that, in taxable year 2006, the amount of the income limitation must be increased from $45,000 to $47,500 and, in taxable year 2007 and thereafter, the limitation must be increased each year by the lesser of (i) 2% or (ii) an amount equal to the annual rate of increase of the Consumer Price Index for All Urban Consumers for all items published by the United States Department of Labor Bureau of Labor Statistics for the previous calendar year. Effective immediately.