|SB 0052||Limits or freezes assessed valuation of real property under specified conditions|
|LR Number:||S0364.01I||Fiscal Note:||0364-01|
|Committee:||Ways and Means|
|Last Action:||05/14/99 - 010 S Calendar S Bills for Perfection||Journal page:|
|Effective Date:||August 28, 1999|
SB 52 - This act, entitled "The Missouri Homestead Preservation Act," contains the following provisions:
1) Limits the increase in assessed valuation of residential property, for people under 65 and for those 65 and older who have resided on the property for less than 5 years, to the lesser of the Consumer Price Index increase or 5% per two-year reassessment period;
2) Freezes assessed valuation of residential property owned by people 65 and older who have used the property as a homestead for 5 years or longer. Condemnation proceedings or other judicial "takings" exempt the owner from the 5-year requirement. Age and years of residence are determined on January 1 of each odd-numbered year, with such information provided to the local assessor by the owner; and
3) Requires reimbursement of revenue losses by local political subdivisions through the state appropriation process. Political subdivisions are required to report the revenue loss to the state auditor, who is required to calculate or verify the revenue loss. A taxpayer in a taxing jurisdiction has legal standing to bring a civil action to determine the revenue loss.
The bill has an effective date of January 1, 2000, and
applies to all taxable years beginning after December 31, 1999.