Bill > HB2766

This bill authorizes the "Missouri Homestead Preservation Act," which provides a homestead exemption credit to eligible owners of certain residential property. The credit is designed to offset increases in property tax liability that exceed a certain percentage, known as the "homestead exemption limit." Eligible owners must be at least 65 years old or disabled, have an income below a specified maximum upper limit, and have paid their property taxes in full for the three most recent prior tax years. The Department of Revenue is responsible for administering the program, including verifying eligibility, calculating the credit amounts, and distributing funds to county collectors. The program is subject to appropriation by the General Assembly and will automatically sunset after six years unless reauthorized.