|SB 1275||Modifies procedures for levying property taxes|
|LR Number:||4931S.02I||Fiscal Note:||4931-02|
|Committee:||Ways and Means|
|Last Action:||03/12/02 - Second Read and Referred S Ways & Means Committee||Journal page:||S517|
|Effective Date:||August 28, 2002|
SB 1275 - This act is entitled the "The Missouri Homestead Preservation Act".
The act limits the maximum increase to the property tax liability of a homeowner, when compared to the prior assessment period, to five percent. The act 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 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 (Section 137.106).
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.