Bill > SB2318

This bill amends the Property Tax Code to increase the maximum income limitation for the low-income senior citizens assessment freeze homestead exemption each year by the percentage increase, if any, in the Consumer Price Index-u (CPI-u) starting in taxable year 2024 and thereafter. The CPI-u is a measure of the average change in prices of goods and services purchased by all urban consumers in the United States. This change is intended to adjust the income limit for the exemption to keep pace with inflation, ensuring that more senior citizens can benefit from the property tax relief provided by this exemption.