HB3125

Authorizes a real property tax exemption for Missouri residents aged 65 and older who own a homestead.

This bill creates a real property tax exemption for Missouri residents aged 65 and older who own a homestead. The exemption applies to all tax years beginning on or after January 1, 2027. The state will reimburse any political subdivision for lost revenues due to this exemption. The exemption does not affect the process of setting the tax rate and is not subject to the Missouri sunset act.