Bill > HB1544

This bill establishes the Missouri Homestead Preservation Act, which creates a property tax exemption credit for eligible homeowners aged 65 or older or disabled, with income at or below $70,000 (adjusted annually for inflation). Eligible owners include individuals, married couples, and property held in certain trusts, who have owned and lived in their homestead and paid property taxes on time. The credit protects homeowners from property tax increases exceeding a set limit (5% during reassessment years or 2.5% in other years), helping to prevent property tax burdens from becoming unmanageable for seniors and disabled individuals. To receive the credit, applicants must submit an application between April 1 and October 15, providing proof of age, income, and property tax payments. The credit is contingent on the state legislature appropriating funds, and if no funds are appropriated, no credit will be issued. The law includes provisions to prevent abuse, such as disqualifying applicants who have made substantial property improvements or claimed other property tax credits. The act will automatically sunset six years after its effective date (January 1, 2026) unless reauthorized by the state legislature, with a potential maximum extension of twelve years.

https://house.mo.gov/Bill.aspx?bill=HB1544&year=2025&code=R