MO HB1216

Freezes assessed valuation of homesteads (principal residence plus up to 5 acres) for owners age 65 and older, excluding value from new construction or improvements, beginning January 1, 2011.

Homeowners must reach age 65 by January 1st of odd-numbered years and provide affidavit to county assessor to establish and maintain eligibility.

Tax rates imposed on eligible homesteads cannot increase while the owner resides on the property; freeze ends if owner moves, sells the property, or fails to notify the assessor of continued eligibility.

State of Missouri must reimburse all political subdivisions for revenue losses from the valuation freeze through appropriations, with the State Auditor calculating losses after annual property tax rate reviews.

County clerks must retain documentation of revenue losses for at least three years and make records available for public inspection; taxpayers have standing to sue to enforce compliance.