Bill > HB1061

This bill modifies several provisions related to property tax credits and homestead exemptions for seniors, disabled individuals, and veterans in Missouri. Specifically, the bill updates the existing "circuit breaker" property tax credit program by increasing the maximum credit amounts and income exemption levels for eligible claimants, with gradual increases for inflation starting in 2027. The bill also introduces two new programs: first, a 100% property tax exemption for homeowners aged 65 or older with household incomes up to $125,000, beginning in 2026; and second, the "Missouri Homestead Preservation Act", which provides a tax credit to eligible homeowners (typically seniors or disabled individuals) if their property tax liability increases beyond a certain percentage from the previous year. The new homestead preservation credit is subject to annual legislative appropriation and has a sunset provision of six years unless reauthorized. Eligibility for these programs depends on factors such as age, disability status, income levels, and property ownership, with specific rules about income calculations, residency requirements, and application processes. The bill aims to provide additional property tax relief for certain vulnerable populations, particularly seniors and disabled individuals, by creating more generous and flexible tax credit and exemption mechanisms.

https://house.mo.gov/Bill.aspx?bill=HB1061&year=2025&code=R