Reduces property tax assessments on senior citizens and disabled persons by fifty percent
The impact of HJR85 on state laws includes a significant alteration in how residential property tax assessments are conducted for certain vulnerable groups within Missouri. By reducing the assessment for these individuals, the bill aims to provide financial relief and support to residents who may be disproportionately affected by standard property taxation rates. This potential shift in tax policy may influence local tax revenues, as municipalities must adjust their budgeting and spending plans to accommodate for decreased property tax income from this demographic.
HJR85 is a proposed amendment to the Missouri Constitution that seeks to reduce property tax assessments for qualified senior citizens and individuals with disabilities. The resolution calls for the repeal of Section 4(b) of Article X of the constitution and its replacement with a new provision that would allow property in specific classes to be assessed at a reduced rate. Beginning January 1, 2025, residential properties owned by individuals aged sixty-five or older or those permanently disabled would be assessed at fifty percent of their value if their taxable income is below certain thresholds.
Notably, discussions surrounding HJR85 may highlight points of contention regarding the implications of reduced tax revenue on local government services. Proponents argue that the bill is essential for aiding seniors and those with disabilities, helping them remain financially stable in their homes. Conversely, critics may contend that such resolutions could lead to increased financial strain on local governments, which could hinder their ability to effectively deliver public services. The balance between providing support for vulnerable groups and maintaining sufficient funding for local programs is expected to be a central theme in the debate around this bill.