SB3995 Summary

• Expands senior citizens homestead exemption to counties with 300,000 or more inhabitants (previously limited to counties with 3,000,000+ inhabitants) for taxable year 2020 and thereafter, increasing the maximum reduction to $8,000.

• Expands general homestead exemption to counties with 300,000 or more inhabitants (previously limited to counties with 3,000,000+ inhabitants) for taxable year 2020 and thereafter, increasing the maximum reduction to $10,000.

• Modifies county population thresholds in the Property Tax Code from 3,000,000 inhabitants to 300,000 inhabitants for purposes of homestead exemption eligibility and benefit amounts.

• Effective immediately upon becoming law.