SB3391 Summary

• Amends the Property Tax Code to increase the maximum income limitation for the Senior Citizens Assessment Freeze Homestead Exemption to $60,000 for taxable year 2012 and thereafter.

• Previously, the maximum income limitation was $55,000 for taxable years 2008 through 2011.

• The exemption allows homeowners age 65 and older with household income not exceeding the limit to freeze their property's assessed value at a base year amount.

• Takes effect immediately upon becoming law.