HB 1231 -- Property Tax Homestead Exemption

Sponsor:  Long

This bill authorizes a homestead exemption for purposes of real
property taxation for taxpayers who have reached the age of 65
years or older and who have Missouri adjusted gross income not
in excess of $25,000 on a single return or $50,000 on a combined
return.  The homestead exemption amount will be any future
increases in assessed valuation on the homestead from the year
the taxpayer reaches the age of 65 or the effective date of the
bill, whichever is later.

The qualified taxpayer must file an application with the county
clerk by June 1 of the year preceding the year for the
exemption.  Once the exemption is granted, the taxpayer need
file no further application to qualify.

The state will be required to reimburse the losses of any
political subdivision as the result of homestead exemptions
through a voucher system administered by the State Tax
Commission and the Office of Administration, subject to
appropriation.

The bill will become effective January 1, 2001.