"This bill will help reduce the burden of individuals on fixed incomes by expanding an existing tax credit for seniors and disabled home owners," Blunt said. "House Bill 229 simplifies the application process, clarifies certain eligibility requirements for the Homestead Preservation Credit and will make the program easier to use and administer."
Administered by the Missouri Department of Revenue, the Homestead Preservation Act allows qualified senior citizens and disabled individuals to apply for a credit on their real estate property tax. Changes in the bill signed today expand the eligibility requirements in two ways:
- Property held in a trust is now eligible, and
- If property was improved to accommodate a disabled person AND the assessed value increased by more than 5 percent, the property is now eligible.
Other eligibility requirements remain unchanged. Single taxpayers must be 65 or older or be 100 percent disabled and have a federal adjusted gross income of less than $70,000. For married taxpayers, one spouse must be 65 or older and the other spouse must be 60 years or older, or one spouse must be 100 percent disabled. Married taxpayers combined may not exceed $70,000 in federal adjusted gross income.
Application forms are available in county assessor offices and from the Missouri Department of Revenue.