- Introduced -

SB 824 - This act exempts residential property owned by the elderly (65 and over) from increases in assessed valuation. The property must be the principal residence of the qualified owner and the qualified owner must have declared ownership and actually paid the property taxes on the property for at least three consecutive years.

The act requires the State of Missouri to hold local political subdivisions harmless for any tax revenues lost as a result of the act.

This act becomes effective January 1, 2003.

This act is similar to SB 716 (2002).

JEFF CRAVER