PROP TX-HOMESTEAD EXEMPTIONS

Amends the Property Tax Code. In a Section concerning the alternative general homestead exemption, extends the option for a county to be subject to the alternative exemption by an additional 3 years. Provides that the base year for counties other than Cook County is the 2005 or 2006 tax year. Provides that the maximum amount of the exemption is $40,000 if the general assessment year for the property is 2006 or later. Sets forth requirements for a county to elect or continue to operate under the provisions of the alternative general homestead exemption. Makes other changes. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately