HB 2417 -- Real Property Taxation

Sponsor:  St. Onge

This bill allows individuals who are disabled or who are 60 years
of age or older by October 15 of the year in which a claim is
filed to elect to have the property tax on their homestead
deferred if they have lived in their home for at least the
previous five years, did not file a homestead exemption credit,
had equity interest in the homestead of at least 25%, and have
the homestead insured for at least the amount of the assessed
valuation by filing a claim with the county assessor after
January 1 and on or before October 15 of the first year in which
a deferral is claimed.  A lien for the amount of the deferred
taxes, fees, and accrued interest will be placed against the
property until the taxes are paid voluntarily, after the death of
the taxpayer, upon the sale or transfer of the homestead, or
after any outstanding indebtedness against the tax-deferred
property is refinanced.  A spouse who does not meet the age
requirement, but meets the other requirements, may continue the
prior deferral of the property tax after the death of the
qualifying taxpayer.  Once the surviving spouse reaches 60 years
of age as of October 15, he or she may elect to defer the current
year's taxes on the homestead.  The heirs to a homestead with
property tax deferrals may apply for a five-year extension to pay
the tax and accrued interest if they occupy the home as their
principal residence by February 15 of the year following the
death.

The Senior Property Tax Deferral Revolving Account is created to
pay county tax collectors the property taxes deferred and for
administrative expenses and to receive repayments of deferred
property taxes.  Interest will accrue annually on the actual
amount of taxes advanced to the county for the tax-deferred
property at the rate of the average annual interest rate paid on
bonds plus 2% rounded up to the nearest whole percentage.  If
there is insufficient money in the account to make payments to
the counties, as determined by the State Auditor, the necessary
amount will be transferred from general revenue and repaid as
funds become available or the account may be funded by bonds.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:12 pm