HB 1371 -- Homestead Preservation Act

Sponsor:  Dempsey

This bill authorizes all counties to adopt, by ordinance, a
homestead exemption.  The exemption would freeze the assessments
of taxpayers' property located in their county once they reach
the age of 65 on their primary residence.  The taxpayer must have
lived in the primary residence at least six months prior to
qualifying.  The value of any improvement or new construction
will not be subject to the freeze.  The bill requires taxpayers
to file an affidavit with the assessor to attest the age and
residency requirements.

The bill requires the General Assembly to reimburse losses
incurred by political subdivisions by appropriation based on the
ratio of the tax levies of each political subdivision to the
total levy in each county.

The bill will become effective January 1, 2005.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:15 am