HB 700 -- Senior Citizen Deferral of Property Taxes

Sponsor:  Zimmerman

This bill allows senior citizens, 62 years of age or older, to
defer paying property taxes on their residences under certain
conditions by filing a claim with the county assessor.  The
Department of Revenue will determine claim eligibility, and no
one will be eligible for the deferment if he or she has filed a
valid claim for any homestead exemption credit.  The taxes plus
interest must be paid when the owner dies, sells the property, or
moves or when the property changes ownership.  The annual income
limit to qualify for a full deferral will be $32,000.  For any
income over that limit, the amount which can be deferred is
reduced at a rate of 50 cents per dollar earned over $32,000
until the amount reaches twice the limit.

If a taxpayer's income exceeds the limit of $32,000, but not
twice that limit, the portion of tax which he or she is not able
to defer resulting from an increase in his or her property tax
beginning in the calendar year after his or her sixty-second
birthday will be eligible for deferral.  However, it is not
retroactive, and qualifying taxpayers who are currently older
than 62 years of age may defer the increased amount based on
their property tax level beginning in the calendar year after the
effective date of the bill.  The bill establishes eligibility
criteria for the taxpayer and the property for participation in
the deferral.

All deferrals of tax will result in a lien which will be held by
the Department of Revenue against the property.  The lien will be
for the amount of the property tax as estimated by the department
plus interest accruing at 6% per year.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:25 am