SCS/HS/HCS/HBs 517, 94, 149, 150, & 342 - This act, creates the "The Missouri Homestead Preservation Act," which limits the maximum increase to the property tax liability of a homeowner, when compared to the prior assessment period, to five percent. This section provides a 'pop-up' exemption to a portion of the assessed valuation of the property, when the tax liability exceeds the five percent increase cap. The exemption is limited to the amount necessary to stay within the five percent cap. However, calculation of the five percent increase shall not include:

(1) Increases due to new construction or improvements;

(2) Increases due to any voter approved levy or increase to levy;

(3) Increases due to a change in the assessed valuation based on a sale of the property.

The state must reimburse the counties for lost revenue due to the cap. A taxpayer can bring suit to enforce any of the provisions of Section 137.106, and receive attorney's fees and expenses if they prevail.

This act modifies the rebate amount for prescription drugs in the Missouri Senior Rx Program. For all transactions that occur prior to July 1, 2003, the rebate amount shall be fifteen percent of the average manufacturers' price. For all transactions that occur on or after July 1, 2003, the rebate amount shall be fifteen percent for brand name prescription drugs and eleven percent for generic prescription drugs.

This act contains an emergency clause regarding the rebate amount for the Senior Rx program.
CINDY KADLEC