PROP TX-SENIORS

Amends the Property Tax Code. Re-enacts the Senior Citizens Assessment Freeze Homestead Exemption. The exemption was created by Public Act 88-669, which has been held to be unconstitutional as a violation of the single subject clause of the Illinois Constitution. Includes validation provisions. Increases the maximum reduction for the Senior Citizens Homestead Exemption from $3,000 to $3,500 for taxable years 2006 and thereafter. Increases the maximum income limitation in the Senior Citizens Assessment Freeze Homestead Exemption from $45,000 to $50,000 for taxable years 2006 and thereafter. Amends the Senior Citizens Real Estate Tax Deferral Act. Increases the maximum income limitation under the Act from $40,000 to $45,000 for taxable years 2006 and thereafter. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.