SCS HB 229 -- HOMESTEAD PROPERTY TAX EXEMPTION

This bill changes the application procedures for the Missouri
Homestead Preservation Act for the elderly and disabled.  The
percentage limit for applications filed in 2005 and 2006 is based
on the increase to tax liability from 2004 to 2005; and the limit
for applications filed after 2006 is based on the increase to tax
liability from the two years prior to the application to the year
immediately prior to the application.  An applicant satisfying
the requirements of this credit between April 1, 2005, and
September 30, 2006, may only apply once for the credit during
this time period.  County assessors must provide a list to the
Department of Revenue of verified eligible homeowners who made
improvements to their homesteads, not for accommodation of a
disability to the homestead, and the dollar amount of the
assessed value of the improvements by January 15 each year.

The definition of "eligible owner" has been revised to include
property held in trust.  An individual entitled to the tax credit
must currently reside in the homestead and, except for the
transfer of this property into a trust, satisfy the age,
ownership, and income requirements.

In the case of ownership of the homestead by trust, the income of
the creator of the trust will be imputed to determine the income
of the trust regarding the maximum upper limit.

The bill specifies that an individual is prohibited from claiming
both the circuit breaker income tax credit and the homestead
property tax exemption credit.

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:18 pm