MO HB1629

Freezes assessed valuation of homesteads (principal residence plus up to 5 acres) for owners age 65 and older, excluding value from new construction or improvements, beginning January 1, 2015.

Requires eligible owners to be 65 years old as of January 1 of odd-numbered years, own fee simple title, have declared ownership on three preceding annual property declarations, have paid three preceding annual property tax assessments, and have total household income not exceeding $40,000.

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

Mandates the state of Missouri reimburse all political subdivisions for revenue losses resulting from the assessed valuation limitation through appropriations.

Requires county assessors to collect data on revenue losses, submit documentation to the state auditor following the annual property tax rate review, and retain records for public inspection for a minimum of three years.