MO HB1228

Freezes assessed valuation of homesteads (principal residence plus up to 5 acres) for owners age 65 and older whose household income is below 200% of federal poverty guidelines, excluding value from new construction or improvements.

Freezes tax rates on qualifying homesteads and prevents increases until the owner moves, sells the property, or fails to notify the county assessor of continued eligibility.

Requires eligibility to be determined each January 1st of odd-numbered years, with owners providing proof by affidavit to the county assessor.

Mandates the state of Missouri reimburse all political subdivisions for revenue losses resulting from the assessed valuation freeze through appropriations.

Requires the state auditor to calculate and verify revenue losses for each political subdivision and maintain records available for public inspection for at least three years, with taxpayers having legal standing to challenge non-compliance.