FIRST REGULAR SESSION
95TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES BIVINS (Sponsor), NIEVES, ERVIN, JONES (89), DUSENBERG, WELLS, YATES AND RUESTMAN (Co-sponsors).
0050L.01I D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 137, RSMo, by adding thereto one new section relating to homestead exemptions for the elderly.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 137, RSMo, is amended by adding thereto one new section, to be known as section 137.107, to read as follows:
137.107. 1. Subject to appropriation, any taxpayer who is sixty-five years of age or older and who has lived in such taxpayer's homestead for at least the two years immediately preceding a claim made under this section may file a claim with the county assessor for the appraised value of the taxpayer's homestead to be reduced under this section if such homestead has an appraised value of fifty thousand dollars or more. The reduction shall be equal to five thousand dollars in the first year in which the reduction is claimed, and shall be increased by five thousand dollars in each subsequent year, but shall not exceed fifty thousand dollars except as adjusted under this section. The fifty thousand dollar reduction limit in this section shall be increased in each reassessment cycle by the same percentage as the increase over the years in the previous assessment cycle in the Consumer Price Index for All Urban Consumers as prepared by the United States Bureau of Labor Statistics, or its successor index. No appraised value on any homestead shall be reduced below fifty thousand dollars as a result of the reduction in this section.
2. Upon a determination that the taxpayer who has filed a claim for reduction under this section is eligible for such reduction, the assessor shall include the reduction in the calculation of the assessed valuation of the homestead for which a reduction is claimed under this section.
3. All revenue losses of any political subdivision resulting from the exemption contained in this section shall be reimbursed to those political subdivisions by the state of Missouri through appropriations. Data substantiating such revenue losses shall be provided to the state auditor in such form as shall be prescribed by the state auditor by rule. The required data shall be submitted for each political subdivision levying a property tax and shall be submitted by either the county or the individual taxing authority as requested by the state auditor. Calculation or verification of the revenue loss shall be determined by the state auditor subsequent to the annual property tax rate review completed under section 137.073. All data and documents substantiating the revenue loss for each political subdivision shall be copied to each county clerk respectively, and shall be retained and made available for public inspection by the county for a minimum of three years.
4. No taxpayer who has filed a valid claim under sections 135.010 to 135.035, RSMo, or section 137.106, shall be allowed a reduction under this section.
5. Under section 23.253, RSMo, of the Missouri sunset act:
(1) The provisions of the new program authorized under this section shall automatically sunset on December thirty-first six years after the effective date of this section unless reauthorized by an act of the general assembly; and
(2) If such program is reauthorized, the program authorized under this section shall automatically sunset on December thirty-first twelve years after the effective date of the reauthorization of this section; and
(3) This section shall terminate on September first of the calendar year immediately following the calendar year in which the program authorized under this section is sunset.
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