HB 1156 -- Property Tax Homestead Exemption

Co-Sponsors:  Boucher, Kreider

This bill creates a homestead exemption for purposes of
residential real property tax that freezes the assessed
valuation of any principal residence owned by a taxpayer who has
reached the age of 65.

The taxpayer must apply for the exemption with the county clerk
to qualify and attest the taxpayer's age, verify that it is the
principal residence, and prove that improvements made during the
tax year are not equal to or greater than 15% of the property's
market value prior to the improvement.

The bill also sets out a voucher system administered by the
State Tax Commission to reimburse local political subdivisions
for any loss of revenues resulting from the homestead
exemption.  Reimbursement to the local political subdivisions
are subject to annual appropriations of the General Assembly.
If the General Assembly determines there are insufficient total
state revenues as defined in Article X of the Missouri
Constitution, the General Assembly may declare that there will
be no homestead exemption in the succeeding year.

This bill will become effective on January 1, 2001.