Authorizes the "Active Teacher Property Tax Exemption Act" relating to a homestead property tax exemption for certain teachers
Impact
The bill outlines specific criteria that teachers must meet to qualify for the exemption, including being employed full-time in a teaching or related role and providing or assisting with direct classroom instruction for a substantial portion of their work time. Additionally, eligible teachers are required to reside at the property for which they claim the exemption. This measure aims to incentivize professionals to continue their work in public education while lessening their tax burdens.
Summary
House Bill 920 establishes the 'Active Teacher Property Tax Exemption Act,' which offers a significant tax exemption for active classroom teachers in Missouri. This act allows eligible teachers to be exempt from paying real property taxes on their primary residences starting from the tax year 2026. The intent behind the bill is to provide financial relief for teachers who fulfill critical roles in the education system while recognizing the challenges they face related to property ownership costs.
Contention
While the bill has garnered support for its focus on educational professionals, it may be met with some contention regarding its financial implications for local governments and taxpayers. Critics could argue that the exemption may lead to decreased property tax revenues, which are essential for funding public services, including education. There are also concerns about how the implementation of such exemptions may create disparities among different regions and affect the overall tax structure in Missouri, highlighting the delicate balance of supporting educators while securing necessary public funding.
Authorizes a property tax exemption for certain property used for childcare, contingent upon passage and approval by the voters of a constitutional amendment permitting a property tax exemption.
Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption
Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption
Modifies provisions related to the "circuit breaker" property tax credit, reenacts the "Missouri Homestead Preservation Tax Credit Program", and implements a homestead exemption for certain individuals
Modifies provisions related to the "circuit breaker" property tax credit, reenacts the Missouri Homestead Preservation Tax Credit Program, and implements a homestead exemption for certain individuals