SB 0764 Limits or freezes assessed valuation of residential property for certain senior citizens
LR Number:3017S.01i Fiscal Note:3017-01
Committee:Ways and Means
Last Action:02/01/00 - Hearing Conducted S Ways & Means Committee Journal page:
Effective Date:January 1, 2001
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Current Bill Summary

SB 764 - This act, entitled "The Missouri Senior Citizens Homestead Preservation Act," contains the following provisions:

1) 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

2) 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, 2001, and applies to all taxable years beginning after December 31, 2000.

The act is similar to SB 52 (1999) and SB 586, SB 635 and SB 898 (2000).