MO HB999

Freezes assessed value of homestead property for owners age 62 and older who have continuously resided there for at least three years, excluding value from new construction or improvements, for tax years beginning January 1, 2014 and beyond.

Defines homestead property as owner's principal residence plus adjacent real property not exceeding five acres reasonably necessary for dwelling use.

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

Requires the state of Missouri to reimburse all political subdivisions for revenue losses resulting from the assessed value limitation through appropriations determined by the state auditor.

Grants taxpayers legal standing to bring civil action against taxing jurisdictions for non-compliance with reimbursement and data documentation requirements.