MO HB1386

Assessors must assess personal property at 33.33% of true value and real property at rates set by subsection 5 (19% for subclass 1, 12% for subclass 2, 32% for subclass 3).

For qualified taxpayers age 65 or older or disabled with federal adjusted gross income not exceeding $72,380 (adjusted annually for inflation), the assessed valuation of their principal residence cannot increase by more than the percentage increase in their Social Security benefits in the previous year.

The Social Security cap does not apply to increases in assessed valuation due to home improvements, except for improvements made solely for accessibility for individuals with physical disabilities.

The assessed valuation cap ends upon conveyance of the principal residence to someone who is not a qualified taxpayer, with new assessments calculated under standard provisions in the next annual assessment.

Qualified taxpayers must provide affidavits of age or proof of disability to the county assessor before the next assessment is conducted to receive this benefit.