SPONSOR: Lucas
Upon voter approval, this Constitutional amendment, exempts age- qualified individuals with certain levels of income from real property tax.
A taxpayer is deemed age-qualified if he or she is:
(1) Sixty-five years of age or older;
(2) A current resident of Missouri; and
(3) A resident for 10 or more consecutive years.
If the age-qualified individual has a Missouri adjusted gross income of $150,000 or less, or a combined Missouri adjusted gross income of $200,000 or less if the age-qualified individual is married, then he or she will be exempt from real property taxes.
The real property tax exemption will extend to the spouse of an age-qualified individual if the spouse is:
(1) Fity-five years of age or older;
(2) A resident of Missouri for 10 or more consecutive years; and
(3) Maintaining the same residence as the age-qualified individual.