HB 75 -- Homestead Property Tax Exemption

Sponsor:  Scheve

This bill authorizes a homestead exemption for purposes of real
property taxation for taxpayers who have reached the age of 65
years or older.  The homestead exemption amount will be any
future increases in assessed valuation on the homestead from the
year the taxpayer reaches the age of 65 or the effective date of
the bill, whichever is later.

To qualify, the owner must have Missouri adjusted gross income
of $25,000 or less if single, or $50,000 or less if married.

The qualified taxpayer must file an application with the county
clerk by June 1 of the year preceding the year for the
exemption.  Once the exemption is granted, the taxpayer need
file no further application to qualify.

The political subdivision may adjust property rates to recoup
any losses resulting from the homestead exemption.

The bill will become effective January 1, 2002.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:00 pm