FIRST REGULAR SESSION
SENATE BILL NO. 204
91ST GENERAL ASSEMBLY
INTRODUCED BY SENATOR HOUSE.
Pre-filed December 19, 2000, and 1,000 copies ordered printed.
TERRY L. SPIELER, Secretary.
0714S.01I
AN ACT
To amend chapter 137, RSMo, by adding thereto one new section relating to property taxation, with an effective date.
Section A. Chapter 137, RSMo, is amended by adding thereto one new section, to be known as section 137.102, to read as follows:
137.102. 1. The assessed value of residential property, excluding any value added by new construction or improvements, owned by any person who is sixty-five years of age or older and who has used that property as a homestead for at least three years shall not increase during the period of time that person resides on that property after attaining the age of sixty-five years. Age and years of residence for purposes of this section shall be determined as of January first of each odd-numbered year; the owner shall provide such information by affidavit by such date to the county assessor.
2. The tax rate or rates imposed upon property whose owner meets the conditions specified in subsection 1 of this section shall not be increased with respect to such property until the owner moves, sells the property or fails to notify the assessor of continued eligibility pursuant to subsection 1 of this section.
3. All revenue losses of any political subdivision resulting from the limitation on assessed valuations contained in this section shall be reimbursed to those political subdivisions by the state of Missouri through appropriations. Data substantiating revenue losses resulting from the limitation on assessed valuations as contained in this section shall be provided to the state auditor in such form as shall be prescribed by the state auditor by rule promulgated pursuant to chapter 536, RSMo. The required data shall be submitted for each political subdivision levying a property tax and shall be submitted by either the county or the individual taxing authority as requested by the state auditor. Calculation or verification of the revenue loss shall be determined by the state auditor subsequent to the annual property tax rate review completed pursuant to section 137.073. All data and documents substantiating the revenue loss for each political subdivision shall be copied to each county clerk respectively and shall be retained and made available for public inspection by the county for a minimum of three years. Whenever a taxpayer in a taxing jurisdiction has cause to believe that the taxing jurisdiction has not complied with the provisions of this section, the taxpayer shall have legal standing to bring a civil action to determine and require compliance with this section.
Section B. The enactment of section 137.102 of this act shall become effective January 1, 2002, and shall apply to all taxable years beginning after December 31, 2001.