PROP TX-HOMESTEAD EXEMPTIONS

Amends the Property Tax Code. Creates the Returning Veterans' Homestead Exemption, under which an exemption from the property's value is granted for residential property that is owned and occupied as a residence by a veteran for the tax year in which the veteran returns from active duty in an armed conflict involving the armed forces of the United States. In a Section concerning the Senior Citizens Homestead Exemption, provides that all counties (now, counties with less than 3,000,000 inhabitants) may provide that if a person has been granted the homestead exemption, the person qualifying need not reapply for the exemption. In a Section concerning the alternative general homestead exemption, extends the alternative exemption. Requires a recalculation of base homestead value for homestead properties in Cook County. Provides that the maximum amount of the exemption is $60,000 if the general assessment year for the property is 2006 or later. Provides that the base year for counties other than Cook County is the 2005 or 2006 tax year. Requires an ordinance to extend the alternative exemption. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.