The bill proposes the addition of a new section, 137.1062, to chapter 137 of the Revised Statutes of Missouri, which establishes a real property tax exemption for eligible owners who are at least 65 years old and own or have a legal interest in their homestead. The exemption will apply to all tax years beginning on or after January 1, 2027, allowing qualifying individuals to be exempt from real property taxes assessed on their primary residence. The bill defines "eligible owner" and "homestead," clarifying the criteria for property tax exemption. Furthermore, the bill stipulates that the exemption cannot be transferred or assigned, and those who receive it will not be eligible for other forms of real property tax relief or credits related to their homestead. It also ensures that the exemption will not impact the tax rate-setting process and mandates that the state reimburse local governments for any revenue losses incurred due to the exemption. Additionally, the provisions of this section will not be subject to the Missouri sunset act.

Statutes affected:
Introduced (6009H.01): 137.1062