MO HB1800

Establishes a homestead property tax exemption for residents age 65 or older who own and occupy their primary residence with a total household income not exceeding $50,000 (adjusted annually for inflation based on the Consumer Price Index).

Exemption amount increases by 2.5% each year after a person becomes eligible, continuing until age 80, when residents become liable for no more than 60% of assessed property tax on their homestead.

Eligible residents must apply annually with their local assessor's office by May 1st, attesting under penalty of perjury that they meet all eligibility requirements.

Residents claiming either the property tax credit under sections 135.010 to 135.035 or the homestead exemption under section 137.106 are ineligible for this exemption.

State of Missouri must reimburse all political subdivisions for revenue losses resulting from the exemption through appropriations, with the state auditor responsible for calculating and verifying losses after the annual property tax rate review.