MO HB1784

Limits annual increases in assessed valuation of a principal residence to match the percentage increase in the qualified taxpayer's Social Security benefits for property owners age 65 or older, or those who are disabled and meet income requirements.

Defines "qualified taxpayer" as an individual who owns and occupies a principal residence, is at least 65 years old or disabled, and had federal adjusted gross income not exceeding $72,380 in 2011 (adjusted annually for inflation).

Exempts from the cap any assessment increases resulting from improvements to the property, except for modifications made solely for accessibility for individuals with physical disabilities.

Removes the cap on assessed valuation when the property is conveyed to a new owner who is not a qualified taxpayer, reverting to standard assessment practices.

Sunsets the program on December 31, six years after the effective date unless reauthorized by the general assembly; if reauthorized, sunsets again on December 31, twelve years after reauthorization.