The taxpayer claiming the exemption is required to submit to the assessor, by March 1 of each year, a statement of household income. The governing authority is required to submit a copy of the ordinance or order to the local assessor by December 1 of each year.
Persons receiving the circuit breaker tax credit are still eligible for the homestead exemption.
The act applies to all taxable years beginning after December 31, 2002. This act is similar to SB 586, SB 635 and SB 764.