- Introduced -

SB 716 - This act exempts certain residential property from increases in assessed valuation. To qualify for this "assessment freeze", the property must be owned by a person who is elderly (65 and over), disabled or is a 100% disabled veteran. Additionally, the property must be the principal residence of the qualified owner and the qualified owner must have declared ownership and actually paid the property taxes on the property for at least three consecutive years. The act has an effective date of January 1, 2003.

The act requires the State of Missouri to hold local political subdivisions harmless for any tax revenues lost as a result of the act.

This act is similar to SB 204 (2001).

JEFF CRAVER