SB 870 Summary

• Reauthorizes the Missouri Homestead Preservation Act as a mandatory program and modifies eligibility requirements and application procedures for the homestead exemption credit

• Increases the maximum income limit from $70,000 to $100,000 in 2015, with annual adjustments based on general price level increases

• Adds requirement that eligible owners have no encumbrances on the property and establishes that property improved by more than 5% since last assessment is ineligible (except for disability accommodations)

• Simplifies application process for all years after 2005 by allowing applications April 1 through October 15 and requiring three years of property tax payment history

• Extends program sunset date from six years to ten years after the effective date of the act, with automatic termination on September 1 of the year following sunset