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DIGEST OF INTRODUCED BILL
Property tax circuit breaker. Limits the 2% circuit breaker property tax credit to property taxes imposed on homesteads. Requires the county fiscal body to adopt an ordinance authorizing the 2% homestead circuit breaker property tax credit before the credit applies in a county. Indicates that any reduction in collections due to the property tax credit does not relieve a taxing unit from the requirement of fully funding the payment of debt service or lease rentals. Specifies that the 2% homestead circuit breaker property tax credit applies in Lake County in 2007 to the same extent as if the county fiscal body had adopted an ordinance before July 1, 2006. Makes other related changes.