HB 1200 Summary

• Rewrites section 137.106 to reauthorize and modify the Missouri Homestead Preservation Act, which provides property tax credits to eligible senior citizens and disabled homeowners whose property taxes increase beyond a set limit.

• Establishes eligibility requirements including: homeowners age 65 or older (or disabled), combined household income not exceeding an inflation-adjusted maximum starting at $70,000 in 2005, and full payment of property taxes for the three prior years.

• Changes the homestead exemption limit calculation method for applications filed on or after January 1, 2012, to be based on tax liability increases from two years prior to application compared to the year immediately prior.

• Modifies application procedures to require submission between April 1 and October 15, with the Department of Revenue calculating eligibility and providing lists to county assessors and clerks by December 15 each year.

• Establishes a four-year sunset provision requiring the program to automatically expire on December 31, four years after the effective date unless the General Assembly reauthorizes it.