The dramatic renaissance of neighborhoods throughout the City and the substantially stronger new demand for the sorts of homes being rehabbed or built in the City are mixed blessings for some residents. Although revitalized City blocks usually mean greater access to services and stronger property values, those same things can mean higher property assessments and bigger tax bills for some longtime homeowners.
The Missouri Homestead Preservation Tax Credit Program tries to minimize the adverse impact of such a rising tide.
Depending on your age, household income, time as a homeowner, and level of disability, you might be eligible for a credit on your property taxes. The state of Missouri allows homeowners who meet certain criteria to get credit for the amounts of higher property taxes that exceed 2.5 percent (in an even numbered, non-assessment year) or 5 percent (in an odd numbered, assessment year).
There’s plenty of fine print and some hard deadlines with which applicants must comply. And whether or not the credits are even awarded in any year depends on the General Assembly actually appropriating the money to fund them.
Still, if you are a City homeowner at least 65 years old or 100 percent disabled (or you know someone who is), you should take a moment to read about the Missouri Homestead Preservation Credit. There is an application deadline of October 15 this year — so check out the link soon.