MO HB380

Allows individuals age 62 or older with household income less than $32,000 to defer property taxes on their homestead by filing a claim with the county assessor after January 1 and by October 15

Requires property to meet eligibility criteria including owner occupancy, fee simple ownership or purchase under recorded instrument, at least 10 percent equity interest, homeowner's insurance equal to assessed value, and no federal mortgage prohibitions on tax deferral

Deferred taxes become due and payable upon death of taxpayer, sale of property, property ceasing to be primary residence, or removal from state; surviving spouse may continue deferral under certain conditions

Establishes a Senior Property Tax Deferral Revolving Account funded by annual appropriations to pay counties the deferred taxes (less 2 percent) plus 6 percent annual interest; repayments from taxpayers are credited back to the account

Prohibits mortgages, trust deeds, and land sale contracts executed after August 28, 2011 from containing clauses that prevent owners from applying for the tax deferral benefit