HB 1534 -- Deferral of Property Taxes

Sponsor:  Donnelly

This bill allows residential real property owners who are 62
years of age or older to defer any increases in real property
taxation on their principal residence until the next subsequent
sale or transfer.  Income guidelines are also established for
qualification.

Qualified owners who elect the option must file a deferment
request with the county clerk and must grant a lien on the
residential property in favor of the state.

The county clerk of each county will estimate each year the lost
revenue of the county and its political subdivisions resulting
from real property tax deferments.  The clerk will then forward
the estimate along with the deferment request to the Department
of Revenue.  The Department of Revenue will notify the State
Treasurer and the General Assembly of the total amount of state
loss from the real property tax deferments.

Upon sufficient appropriation into the Senior Property Tax
Deferral Revolving Account, created in the bill, the Department
of Revenue will reimburse each county the pro-rata share of the
loss from real property tax deferrals.

The Department of Revenue will recover the amount of the
deferment for the owner through reimbursement by the owner or by
execution of the lien at the next sale or transfer of the
property.

The provisions of the bill will expire six years from the
effective date.

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