The proposed bill introduces the "Missouri Homestead Preservation Act" by adding a new section, 137.107, to chapter 137 of the Revised Statutes of Missouri. This act aims to provide a homestead exemption credit for eligible property owners, specifically targeting individuals who are 65 years or older or disabled, with income limitations set at a maximum upper limit that adjusts annually. The bill outlines the definitions of key terms, eligibility criteria, and the application process for the homestead exemption credit, which must be submitted between April 1 and October 15 of each year for the following tax year. Additionally, the bill stipulates that if property tax liability increases beyond a specified homestead exemption limit, eligible owners can receive a credit to offset this increase. The Department of Revenue is tasked with administering the program, including verifying applications and determining eligibility. The act includes provisions for the potential sunset of the program after six years unless reauthorized by the General Assembly, with an effective date set for January 1, 2027.

Statutes affected:
Introduced (4630H.01): 137.107