MO SB558

Changes the Missouri Homestead Preservation Act from optional ("may") to mandatory ("shall") and reauthorizes the program effective January 1, 2015, with automatic sunset six years after enactment.

Expands eligibility to include married couples where one spouse is at least 65 and the other is at least 60, and allows unmarried joint owners and trust-held properties to qualify if all owners meet individual eligibility requirements.

Establishes income limit starting at $70,000 in 2005 with annual adjustments for inflation, and requires full payment of property taxes for three prior years (with exceptions for late payments that are fully resolved).

Provides homestead exemption credit when property tax liability increases beyond a set percentage limit, calculated as 5% during general reassessment years or 2.5% in non-reassessment years, with credits applied to current year tax bills.

Requires applications be filed between April 1 and October 15 annually, prohibits improvements exceeding 5% of prior year appraised value except for disability accommodations, and restricts credit to subclass (1) real property meeting homestead definitions.