MO HB1214

Creates a property tax exemption for individuals age 75 or older who own and occupy a homestead as their primary residence in Missouri, effective for assessments on or after August 28, 2010.

Establishes income limits of $27,000 (single filers) or $30,000 (married filing jointly) for tax year 2011, with annual adjustments based on the Consumer Price Index for subsequent years.

Requires eligible taxpayers to apply annually between April 1 and September 30, submitting proof of property tax payments for the three prior years and current assessed valuation, attesting under penalty of perjury to their age and homestead address.

Prohibits applicants from simultaneously claiming the senior citizens property tax credit (sections 135.010-135.035) or homestead exemption credit (section 137.106).

Mandates state reimbursement to political subdivisions for all revenue losses resulting from the exemption, with the state auditor verifying losses and data retained by counties for public inspection for a minimum of three years; the program automatically sunsets December 31 six years after enactment unless reauthorized.