HB 68 -- Homestead Property Tax Reduction for the Elderly

Sponsor:  Bivins

Subject to appropriations, this bill authorizes a taxpayer 65
years of age or older who has lived in his or her home for at
least two years to file a claim with the county assessor for a
reduction of $5,000 from the appraised value of the home.  The
amount of the reduction increases $5,000 annually until the
reduction is $50,000.  The maximum reduction limit will increase
in each reassessment cycle by the same percentage as the increase
in the federal Consumer Price Index.  The home's appraised value
must be at least $50,000 for it to qualify for the reduction, and
the taxpayer cannot also claim the circuit breaker property tax
credit or the Missouri Homestead Preservation Act exemption
credit.  No appraised value can be reduced below $50,000.
Political subdivisions will be reimbursed by the state for any
revenue losses resulting from the reduction.

The provisions of the bill will expire December 31 six years from
the effective date.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:23 am