SB514 - Limits increases in assessed valuation of a homestead to the increase in the consumer price index or 5% for the elderly

SB 0514

Limits increases in assessed valuation of a homestead to the increase in the consumer price index or 5% for the elderly

Sponsor:	Klarich
LR Number:	S2333.02I	Fiscal Note:	2333-02
Committee:	Ways and Means
Last Action:	02/03/98 - Hearing Conducted S Ways & Means Committee		Journal page:
Title:
Effective Date:	January 1, 1999

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Current Bill Summary

SB 514 - This act, known as the "Missouri Homestead Preservation Act", contains property tax relief provisions. Under the act, the assessed value of a principal residence owned by a person under 65, or by a person 65 or over who has lived there less than five years, is limited to the increase in the consumer price index or 5%, whichever is less. The assessed value of a principal residence owned by a person 65 or over who has lived there five years or longer is frozen at the level when the person residing there attains the age of 65. All revenue losses as a result of these limitations are required to be reimbursed by state revenue.

The act has an effective date of January 1, 1999.
RUSS HEMBREE