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MO HB1835
Bill
Status
Introduced
1/27/2010
Primary Sponsor
Jake Zimmerman
Click for details
AI Summary
- Allows seniors age 62 or older to defer paying property taxes on their homestead by filing a claim with the county assessor after January 1 and by October 15 of the first year
- Requires applicants to have household income less than $32,000 (maximum upper limit) in the calendar year preceding the claim, and prohibits those who filed for homestead exemption credit under section 137.106
- Establishes eligibility requirements including: homestead ownership with at least 10% equity interest, proof of insurance equal to assessed value, and compliance with federal mortgage/trust deed regulations
- Creates a Senior Property Tax Deferral Revolving Account funded by annual appropriations to pay deferred taxes to county collectors, with repayments from taxpayers credited back to the account
- Deferred taxes become due upon death of taxpayer, sale of property, property no longer being principal residence, or removal from state; allows surviving spouses and heirs to continue deferral under specified conditions with extensions up to five years
Legislative Description
Allows individuals who are 62 years of age or older to defer paying property taxes on their residences under certain conditions by filing a claim with the county assessor
Last Action
Public Hearing Completed (H)
4/14/2010
Committee Referrals
Tax Reform4/8/2010
Full Bill Text
No bill text available