MO HB1489

Establishes a homestead property tax exemption for owners age 67 or older with household income not exceeding $40,000 who have continuously occupied their principal residence for at least 10 years, effective for tax years beginning January 1, 2013.

Freezes assessed values of eligible homestead properties (excluding new construction or improvements) and limits annual property tax increases to the percentage increase in the Consumer Price Index for All Urban Consumers.

Prohibits tax rate increases on qualifying homestead properties until the owner moves, sells the property, or fails to notify the county assessor of continued eligibility.

Requires eligible owners to choose between this homestead exemption or the senior citizen property tax credit under sections 135.010 to 135.035, but not both.

Mandates the state of Missouri reimburse political subdivisions for revenue losses resulting from the assessed valuation limitation, with data verification and submission requirements to the state auditor.