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MO HB1260
Bill
Status
3/12/2015
Primary Sponsor
Bill Otto
Click for details
AI Summary
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Freezes property tax assessed valuations for homeowners age 65+ or permanently disabled, with household income not exceeding $50,000, effective January 1, 2017
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Homestead definition limited to principal residence plus up to five acres of adjacent land; owners must have declared ownership and paid property taxes for three consecutive years
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Tax rates on qualifying homesteads cannot increase until the owner moves, sells the property, or fails to notify the assessor of continued eligibility (determined on January 1 of odd-numbered years)
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Exempted property taxes become due and payable upon the owner's death or sale of the homestead
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State of Missouri required to reimburse political subdivisions for all revenue losses through appropriations, with the state auditor calculating and verifying losses; taxpayers may bring civil action if taxing jurisdictions fail to comply
Legislative Description
Exempts the residential property of certain individuals from increases in assessed valuation that are not from new construction or improvements and from rate increases
Last Action
Referred: Ways and Means(H)
5/15/2015