Missouri HB2981 establishes the "Missouri Homestead Preservation Act" to provide a homestead exemption credit for eligible owners.
Missouri HB2981 creates the "Missouri Homestead Preservation Act," which provides a homestead exemption credit for eligible owners. Eligible owners include individuals aged 65 or older, disabled individuals, and married couples meeting specific age and income criteria. The credit offsets property tax increases exceeding a set limit. The Department of Revenue calculates the credit amount and distributes funds to county collectors. The act includes provisions for rule promulgation, sunset clauses, and income verification processes.
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