MO HB1180

Establishes a homestead property tax exemption for residents age 65 or older with household income not exceeding $50,000 (adjusted annually for inflation based on Consumer Price Index)

Exemption increases by 2.5 percent annually for each year after a person becomes eligible, until reaching age 80, at which point the resident pays no more than 60 percent of assessed property tax on their homestead

Homestead defined as primary residence dwelling in Missouri plus surrounding land up to 5 acres, including mobile homes and portions of multi-dwelling buildings

Residents must occupy the homestead for the entire year and submit an application to their local assessor's office by May 1st annually to claim the exemption

State of Missouri must reimburse all political subdivisions for revenue losses resulting from the exemption through appropriations, with the state auditor calculating and verifying revenue loss amounts