Real Estate Tax Assistance Programs
Missouri currently offers two forms of real estate tax assistance for Senior Citizens and those who are disabled. The Homestead Preservation Credit gives qualifying individuals a credit on their real estate property tax if those taxes increased 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. Federal Gross income must be at or below $72,380 and citizens must be 65 years of age or 100% disabled as defined by the state of Missouri to participate in this program. This return must be filed between April 1st and October 15th, 2007 to receive assistance for 2008 property tax. A person cannot file a claim for a previous year. Forms can be obtained through the Missouri Department of Revenue.
The Missouri Property Tax Credit, also referred to as the Circuit Breaker Program, is another form of assistance for older adults or those who are disabled. The Missouri Property Tax Credit Claim gives credit to certain individuals for a portion of the real estate taxes or rent they have paid for the year. The credit is for a maximum of $750 and can only be claimed on the home they occupied during the period being claimed. The actual credit is based on the amount of real estate taxes or rent paid and total household income. Income limits are $25,000 for a single individual and $27,000 for a married couple. Claims can be filed for individuals living in a nursing home or assisted living. Separate claims can be filed for married couples in the event that one individual lives in the community and the other resides in an assisted living or skilled nursing facility. The claim must be filed by April 15th to receive a credit for the previous year. Eligible individuals can file for previous years if they have not received this credit in the past. Forms can be obtained from the Missouri Department of Revenue.
Qualifying individuals can only receive one of these two credits. For assistance in determining eligibility and filing claims please contact your partner in care by calling 314-726-766 or visit the Missouri Department of Revenue’s website at www.dor.mo.gov.
Information in this article was obtained from the MO Department of Revenue.