The Homestead Preservation Act (SB 730) entitles certain senior citizens, and disabled individuals, to apply for tax credit, to reduce tax assessment on their real estate property. If the applicant met other requirements such as age, income, property guidelines, and taxes were paid current, the application can be submitted for the credit, during the designated period of April to October, annually.
Homestead Preservation Act
This act allows certain seniors, and 100 percent disabled individuals, to get a discount if their property taxes increase by 2.5 percent, and 5 percent in a non-assessment and reassessment year respectively. The credit would be the excess amount above the 2.5 percent and 5 percent. A legislative appropriation is required to fund the credit, and if this falls below 100 percent, a flat statewide amount based on the amount appropriated, will be applied towards the taxes of the following year.
Qualifying
To qualify for the credit, applicants must be age 65 or older, or 100 percent disabled.
Income
Applicants' maximum adjusted gross income should be $72,380.
Taxes
The payment of real estate taxes must be paid for every year, including the year of application.
Primary Residence
The claimant must own and reside on the property, which should be a maximum of 5 acres.
Exception
The claimant is prohibited from also filing for the Missouri Property Tax Credit (MO-PTC) for the same tax year.
Application Period
The application must be submitted between April 1 to October 15, annually. If approved, the credit will appear on the applicant's tax bill.
Tags: Homestead Preservation, April October, April October annually, disabled individuals, October annually