HB 1800 -- Homestead Property Tax Exemption for the Elderly

Sponsor:  Gatschenberger

Beginning January 1, 2011, this bill authorizes a homestead
property tax exemption phased in over 15 years for individuals 65
years of age or older whose total household income is no more
than $50,000.  The exemption will be 2.5% per year for each year
of eligibility up to 60% of the property tax assessed on the
individual's homestead.  The income limits are increased annually
by the percentage of change in the federal Consumer Price Index
over the previous year.  A taxpayer is required to file an
application with his or her county assessor's office by May 1
each year, and the assessor must adjust the taxpayer's tax
assessment for the exemption.  Any revenue losses of political
subdivisions, as determined by the State Auditor, will be
reimbursed by the state.  No individual claiming this exemption
will be eligible for the Senior Citizens Property Tax Relief tax
credit, commonly known as circuit breaker, or the Missouri
Homestead Preservation Act tax credit.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:12 pm