HB 456 -- Homestead Property Relief for the Elderly

Sponsor:  Kraus

Beginning January 1, 2008, this bill limits the increase in the
assessed valuation of residential property of an individual 65
years of age or older whose total household federal adjusted
gross income is less than 200% of the federal poverty guidelines
that are not from new construction or improvements to the
percentage of increase in the taxpayer's Social Security benefits
in the previous year.  Tax rates cannot increase until the owner
moves, sells the homestead property, or fails to notify the
county assessor of his or her continued eligibility.  Any revenue
losses of political subdivisions, as determined by the State
Auditor, will be reimbursed by the state.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:19 am