SB 547 - This act modifies several provisions relating to property taxes.HOMESTEAD PRESERVATION ACT
This act reauthorizes the Homestead Preservation Act tax credit program, which provided a property tax credit for qualified senior citizens and disabled individuals who experience increases in property tax liabilities over a certain threshold until it expired on August 28, 2010, and was repealed on August 28, 2018. This program is reauthorized beginning with the 2021 tax year and shall sunset after six years unless reauthorized by the General Assembly. (Section 137.106)
This provision is substantially similar to SB 60 (2017), SB 634 (2016), SB 77 (2015), SB 558 (2014), HB 1131 (2014), SB 39 (2013) and HB 1200 (2012), and is similar to SB 870 (2014).
PROPERTY TAX ASSESSMENT NOTIFICATIONS
For property tax assessments, current law provides that assessors shall notify property owners of an increase in the property owner's assessed valuation by June 15. This act requires such notifications in St. Louis County to include information regarding the assessment method and computation of value for such property and, for properties valued using sales of comparable properties, a list of such comparable properties and the address or location and purchase prices from sales thereof that the assessor used in determining the assessed valuation of the owner's property. (Section 137.180)
This provision is identical to a provision contained in HCS/SS#2/SB 704 (2020) and SS#2/SCS/HCS/HB 1854 (2020).
PROPERTY TAX APPEALS ATTORNEY FEES
Current law allows certain counties and St. Louis City to reimburse taxpayers who successfully appeal a property tax assessment to the State Tax Commission for appraisal costs, attorney fees, and court costs, with such reimbursements limited to $1,000 for residential appeals and the lesser of $4,000 or 25% of the tax savings resulting from the appeal for other non-residential appeals. Beginning January 1, 2021, this act increases such limits for St. Louis County to $6,000 for residential appeals and the lesser of $10,000 or 25% of the tax savings resulting from the appeal for other non-residential appeals. (Section 138.434)
This provision is identical to a provision contained in HCS/SS#2/SB 704 (2020) and SS#2/SCS/HCS/HB 1854 (2020).
JOSH NORBERG