HB 1930 -- PROPERTY TAXES (Hubbard)

COMMITTEE OF ORIGIN:  Special Committee on Urban Issues

This bill changes the minimum rate of interest that can be
charged on delinquent real property taxes in the City of St.
Louis from 1% to 2% per month and the maximum rate from 10% to
18% per year.  The prime rate limitation is also removed.  A
taxpayer whose income is below 185% of the federal poverty level
or who is 65 years of age or older will only be assessed interest
from the date of delinquency at the rate of 1% with a maximum
rate of 10% per year.  Funds in excess of 1% per month and 10%
per year will be deposited with the city treasurer and used
solely for lead hazard remediation, abatement, and/or removal in
buildings and structures owned and operated by the board of
education of a metropolitan school district until all lead hazard
abatement is completed.  Thereafter, the funds will be used for
lead abatement, remediation, and/or removal in other buildings
located in the City of St. Louis.

Beginning January 1, 2007, a 50% tax credit is authorized for the
elderly or disabled who have lived in their home for at least 20
years and who have spent at least 10% of their household income
on real property taxes.  The tax credit is refundable; and
taxpayers will not be able to claim this credit if they filed a
valid claim for the same tax year.

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

FISCAL NOTE:  Estimated Cost on General Revenue Fund of $262,299
in FY 2007, $255,573 to Unknown in FY 2008, and $261,978 to
Unknown in FY 2009.  Estimated Income on Other State Funds of
Unknown in FY 2007, FY 2008, and FY 2009.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:45 am