HB 1835 -- Deferral of Property Taxes for the Elderly

Sponsor:  Zimmerman

This bill allows individuals, 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 under the Missouri
Homestead Preservation Act.  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 in order to
participate 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.

The Senior Property Tax Deferral Revolving Fund is created to be
used by the department director for making payments to county
collectors of property taxes deferred and for administering the
deferral programs.

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