HB3526

Modifies the local senior citizen homestead property tax credit in Missouri.

Missouri HB 3526 modifies the local senior citizen homestead property tax credit. It defines the "eligible credit amount" as the difference between a taxpayer's real property tax liability on their homestead for a given tax year and the liability in their initial credit year. The bill specifies that if a taxpayer's real property tax liability is lower than in the initial credit year due to a reduction in a property tax levy, the lower liability will be considered the initial credit year for subsequent years.