HB671--MISSOURIHOMESTEADPRESERVATIONACT
SPONSOR: Anderson
Thisbillcreatesthe"MissouriHomesteadPreservationAct",which
providesapropertytaxcreditforqualifiedseniorcitizensand
disabledindividuals,asdefinedinthebill.
BeginningJanuary1,2024,ifinthemostrecentpriortaxyearthe
propertytaxliabilityonresidentialrealpropertyincreasedby
morethanthehomesteadexemptionlimit,thentheownerwill
receiveacredittobeappliedtowardthecurrenttaxyearproperty
taxliabilitytooffsettheprioryearincreasethatexceedsthe
homesteadexemptionlimit,exceptaslimitedbytheprovisionsof
thebill.
AnyownermayapplytotheDepartmentofRevenue(DOR)forthe
creditbycompletinganapplicationnoearlierthanApril1stand
nolaterthanOctober15thofanytaxyearinordertobeeligible
forthecredit.Ontheapplications,theapplicantmustattest
underpenaltyofperjury:
(1)Totheapplicant'sage;
(2)Thattheapplicant'sprioryearincomewaslessthanthe
maximumupperlimit,asdefinedinthebill;
(3)Totheaddressofthehomesteadproperty;and
(4)Thatanyimprovementsmadetothehomestead,notmadeto
accommodateadisabledperson,didnottotalmorethan2.5%ofthe
assessedvalueofthehomesteadforthemostrecentpriortaxyear.
Theapplicantmustalsoincludewiththeapplicationcopiesof
receiptsindicatingpaymentofpropertytaxbytheapplicantfor
thehomesteadpropertyforthethreemostrecentpriortaxyears.
EachapplicantwillsubmittheapplicationnolaterthanOctober
15thofeachyearforthetaxpayertobeeligibleforthecredit.
Uponreceiptoftheapplications,DORmustcalculateandverify
certaininformationtodetermineanapplicant'seligibilityforthe
creditandprovidealistofallverifiedownerstothecounty
assessorsorcountyclerksnolaterthanDecember15th.
TheDepartmentofRevenuewillcalculatethelevelofappropriation
necessarytosetthehomesteadexemptionlimitat2.5%forthe
homesteadsofallverifiedowners,andprovidesuchcalculationto
theSpeakeroftheHouseofRepresentatives, thePresidentProTem oftheSenate,andtheDirectoroftheOfficeofBudgetand
PlanningnolaterthanJanuary31stofeachyear.
Ifanappropriationforthefundingofthecreditisapproved,then
DORwillequallyapportiontheappropriationamongalleligible
applicantsonapercentagebasis.Ifnoappropriationismade,
thennocreditwillapplyinsuchyear.
Intheeventthataneligibleownerdiesortransfersownershipof
thepropertyafterthehomesteadexemptionlimithasbeensetin
anygivenyear,butpriortoJanuary1stoftheyearinwhichthe
creditwouldotherwisebeapplied,thecreditisvoid.
Thisprogramwillautomaticallysunsetsixyearsafterthe
effectivedate.AsimilarprovisionoflawexpiredonAugust28,
2010.
ThisbillisthesameasHB2351(2022).