Bill > HB2981

This bill, titled the "Missouri Homestead Preservation Act," proposes to create a new section in Missouri law that would provide a property tax credit for eligible homeowners starting January 1, 2027. An "eligible owner" is defined as an individual who is at least 65 years old or disabled, meets certain income limitations (with a "maximum upper limit" of $70,000 in 2005, adjusted annually for inflation), and has paid their property taxes on time for the past three years, or has paid late taxes with all penalties and interest. The credit would apply if the property tax liability on a homestead, which is defined similarly to existing property tax relief laws but excludes properties with significant improvements not made for disability accommodation, increases by more than a "homestead exemption limit" – a percentage set by the Director of the Department of Revenue based on the increase in tax liability from two years prior to the application to the year immediately prior. To receive this credit, eligible owners must apply between April 1st and October 15th each year, attesting to their age, income, property address, and any improvements made. The Department of Revenue will verify eligibility, and if an appropriation is made by the General Assembly, the Director will calculate and distribute the credit to offset the portion of the tax increase exceeding the homestead exemption limit. The provisions of this act are set to sunset six years after their effective date unless reauthorized by the General Assembly.

https://house.mo.gov/Bill.aspx?bill=HB2981&year=2026&code=R