MO HB1321

Allows property owners age 70 or older (or whose spouse is 70 or older if filing taxes married filing combined) to claim a 10% reduction in property tax liability for real and personal property located in Missouri beginning January 1, 2011

Property owners reaching age 80 become fully exempt from all property taxes on their real and personal property

Property owners must notify their county collector or county clerk annually to claim the tax reduction for each eligible year

State of Missouri must reimburse all political subdivisions for revenue losses resulting from the tax exemption through appropriations, with the state auditor calculating losses based on property tax data submitted by counties and taxing authorities

County clerks must retain documentation substantiating revenue losses for public inspection for a minimum of three years