New Missouri law to freeze residence taxes for seniors

It took the Missouri General Assembly the 2024 session to fix the proposed legislation from last year that will allow residential property tax freezes for senior citizens.

Governor Parson signed the bill into law July 9,which passed the implementation of the details to the county commissions of the state.

What began as SB190, the final piece of legislation ironed out some of the question marks from the original premise of providing relief to senior residents facing escalating property taxes.

Parson agreed with the most recent legislature by signing into law SB756. The current law authorizes a property tax credit to taxpayers who are 62 years of age or older and reside in their owned property. It also provides for a county ordinance authorizing a property tax credit by freezing the assessed valuation with the 2024 present rate. It was also written so the real property tax liability for the eligible taxpayer’s initial credit year shall be increased to reflect the new real property tax liability attributable to any new construction and improvements made to the taxpayer’s homestead as well as to any property tax liability owed to a taxing jurisdiction that has annexed the taxpayer’s homestead subsequent to the taxpayer’s initial credit year.

Finally, this act requires that a county granting a tax credit shall notify each political subdivision, such as the school districts, ambulance district and fire departments within such county of the total credit amount applicable to such political subdivision by no later than November 30th of each year.

On July 9, with an audience of superintendents from North Nodaway, Jefferson, South Nodaway, Maryville and Nodaway-Holt, Nodaway County Commissioners, the assessor and collector-treasurer, began the work of writing a county ordinance to mirror the state law as well as create the application that senior citizens will need to fill-out each year to be eligible to the tax freeze of their residence.

The school leaders were vocal with their concerns that the ordinance could cut any potential growth in the tax revenues of their districts. However after further explanation from the county elected officials, the superintendents were comforted with the proposed tax credit.

The commissioners have the topic on the July 11 agenda to discuss and possibly finalize the county ordinance and application.