SECOND REGULAR SESSION
HOUSE BILL NO. 1467
91ST GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES HENDRICKSON, ENZ AND MURPHY (Co-sponsors).
Read 1st time January 15, 2002, and 1000 copies ordered printed.
TED WEDEL, Chief Clerk
AN ACT
To amend chapter 137, RSMo, by adding thereto one new section relating to assessed value of residential property, with an effective date.
Section A. Chapter 137, RSMo, is amended by adding thereto one new section, to be known as section 137.102, to read as follows:
137.102. 1. This section shall be known and may be cited as "The Missouri Homestead Preservation Act".
2. Notwithstanding any other provision of law to the contrary, the assessed value of residential property, excluding new construction or improvements, owned in whole or in part by any person who is sixty-five years of age or older shall not increase during the period of time that person resides on that property after attaining the age of sixty-five years.
3. The assessed value of residential property not included in subsection 2 of this section and used as a homestead, excluding new construction or improvements, shall not increase by more than the consumer price index.
4. All net revenue losses of any political subdivision resulting from the limitation on assessed valuations contained in this section, as calculated and reported by each political subdivision to the state tax commission by November first of each year, shall be reimbursed to those political subdivisions by the state of Missouri through appropriations.
Section B. Section A of this act shall become effective on July 1, 2003.
Missouri House of Representatives