MO HB989

Limits assessed valuation increases for principal residences owned by qualified taxpayers (age 65+ or disabled with federal adjusted gross income not exceeding $72,380 in 2014, adjusted annually) to match the percentage increase in their Social Security benefits, effective for assessments after December 31, 2013.

Exempts valuation increases from this cap if they result from home improvements, except for improvements made solely for accessibility for individuals with physical disabilities.

Exempts valuation increases from this cap after the property is conveyed to a non-qualified taxpayer, returning the assessment to standard valuation methods.

Requires qualified taxpayers to provide affidavits of age to the county assessor and disabled taxpayers to provide proof of disability before the next assessment is conducted.

Establishes a sunset date of December 31 six years after enactment, with potential reauthorization for an additional six years, unless extended by the general assembly.