Signed by Governor Mike Parson

Vote Smart's Synopsis:

Vote to pass a bill that authorizes counties to repeal the property tax rates of Missouri seniors when the seniors turn 65.

Highlights:

• Defines ‘eligible credit amount’ to mean the difference between an eligible taxpayer’s real property tax liability on their homestead for a given tax year, minus the real property tax liability on their homestead in the year that the taxpayer became an eligible taxpayer (Sec. 137.1050).

• Defines ‘eligible taxpayer’ to mean a Missouri resident who is eligible fore Social Security retirement benefits, owns the record of a homestead or has a legal interest in such property, and is liable for the payment of real property taxes on the homestead property (Sc. 137.1050).

• Defines ‘homestead’ to mean real property actually occupied by an eligible taxpayer as the primary residence (Sec. 137.1050).

• Authorizes any county who imposes a property tax to grant a property tax credit to eligible taxpayers in an amount equal to the taxpayer's eligible credit amount, provided that (Sec. 137.1050):

• The county adopts an ordinance authorizing the credit;

• A petition supporting a referendum on the credit is signed by at least 5% of the registered voters of each voting county in the last gubernatorial election.

• Requires that a country granting an exemption applies the exemption when calculating the eligible taxpayer’s property tax liability for the tax year and to note the amount of the credit on the statement of tax due sent to the taxpayer (Sec. 137.1050).

• Requires that the total amount of credits authorized by a county be considered tax revenue when calculating property tax levies (Sec. 137.1050).

• Requires that for all tax years beginning on or after January 1, 2024, a taxpayer be entitled to the maximum exemption provided by this subsection, regardless of the taxpayer’s filing status or the amount of the taxpayer;s Mssouri adjusted gross income (Sec. 143.124).

Full Bill Text