Missouri House Bill HB2351

Missouri 2022 Regular Session

• Introduced: 1/6/22
• Refer: 5/13/22

Caption

Authorizes the Missouri Homestead Preservation Act

Impact

The provisions of the bill aim to alleviate the burdens of property taxation for seniors and individuals with disabilities, potentially enabling them to remain in their homes without facing escalated tax liabilities. The established eligibility criteria require that applicants must be aged sixty-five or older, or disabled, with income not exceeding a maximum threshold set annually. This financial measure is anticipated to enhance housing stability for vulnerable populations, contributing positively to their quality of life.

Summary

House Bill 2351 introduces the Missouri Homestead Preservation Act, designed to provide financial relief to eligible homeowners by offering a homestead exemption credit. This credit is applicable towards property tax liabilities, specifically to offset any increases exceeding a set limit defined as the homestead exemption limit. The bill targets elderly individuals and disabled persons, offering them a means to sustain affordability in housing despite potential market fluctuations resulting in higher property taxes.

Contention

As with many legislative proposals, there may be differing opinions regarding the implications of HB2351. Supporters advocate for the bill's ability to protect senior citizens and disabled individuals from excessive tax burdens, thus supporting their rights to home ownership and security. However, critics might express concerns over the potential long-term effects on state revenue, questioning how the credits will impact funding for public services. Discussions may arise around the balance between providing necessary tax relief and maintaining sufficient government resources to support other essential services in the community.