MO HB1239

Freezes assessed valuation of homesteads (principal residence plus up to 5 acres) for owners age 70 and older, excluding value from new construction or improvements, effective January 1, 2013.

Prevents tax rate increases on qualifying homesteads as long as the owner resides there, is age 70 or older, and maintains notification to the county assessor in odd-numbered years.

Requires owners to provide affidavit documentation by January 1st of each odd-numbered year to establish and maintain eligibility for the valuation freeze.

Mandates state reimbursement to all political subdivisions for revenue losses resulting from the assessed valuation limitation through annual appropriations.

Grants taxpayers legal standing to bring civil action against taxing jurisdictions for non-compliance, with supporting data retained by counties for public inspection for minimum three years.