Authorizes a real property tax rate freeze for certain individuals
If passed, this amendment to Article X of the Missouri Constitution would provide significant relief for older residents who may be struggling with fixed incomes. By freezing property tax rates for qualifying individuals, the bill aims to address the concerns of retirees and those approaching retirement age regarding the affordability of homeownership as property values and taxes tend to rise. Such an intervention is designed to promote stability and protect seniors from potential displacement due to increasing taxes.
HJR66 is a proposed constitutional amendment aimed at protecting senior citizens from increasing real property tax rates applicable to their primary residences. Specifically, the bill stipulates that individuals who are at least seventy years old will not face increases in property taxes levied by the state or local government, provided that they have not had enough income to be liable for Missouri state income tax in the three years preceding the taxation. The measure has been introduced with the intent of alleviating financial burdens on the elderly population, helping to keep them in their homes as they age.
The proposal is likely to face debate regarding its implications for local revenue, as property taxes are a significant source of funding for municipalities. Supporters argue that the amendment is a necessary measure to support vulnerable populations, while opponents may express concerns about the potential financial ramifications for local governments that rely on property taxes to fund essential services. The discussions will likely center around how to balance the needs of elderly citizens with the financial sustainability of local communities.