Missouri does not exempt the property of disabled or senior citizens, but it has two programs for seniors and disabled persons with limited incomes that offer some property tax relief.
In the first program, the Missouri Property Tax Credit (MO-PTC), senior citizens and disabled persons on limited incomes may qualify for refunds or income tax credits based upon property taxes paid or rent paid on their residences. The “rent“ includes money paid for a home, a room in a nursing home, an apartment, or a mobile home unit. This law provides the eligible taxpayer with indirect property tax relief, but many people are unaware that this assistance is available.
The Missouri Property Tax Credit information document is available for download or printing. More information is also located on the Department of Revenue website at http://dor.mo.gov/tax/personal/ptc.
The second program, the Homestead Preservation Act, allows qualified senior citizens and 100% disabled individuals to apply for a credit on their real estate property tax if those taxes increase more than 2.5 percent in a non-reassessment year or 5 percent in a reassessment year. The credit would be for the amount that exceeds the 2.5 or 5 percent increase in taxes. The act requires a legislative appropriation to fund the credit. If funding for the credit is less than 100 percent, the credit will be a flat statewide percentage based on the appropriated amount. This credit will be applied against the taxes for the following year.
More information is available at http://dor.mo.gov/tax/personal/homestead.
An applicant for credit under the Homestead Preservation Act cannot file for Missouri Property Tax Credit (MO-PTC) for the same tax period.
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