Homestead Preservation Credit
The Homestead Preservation Credit gives qualified senior citizens and 100 percent disabled individuals a credit on their real estate property tax if those taxes increase 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 the funding is less than 100 percent, the credit will be a flat statewide percentage based on the appropriation amount. This credit will be applied against the taxes for the following year. Click here for the Homestead Preservation Credit Qualification Chart.
The filing period for the 2008 Homestead Preservation Credit will be April 1 to October 15, 2008. There are no provisions for late filing.
The 2008 application will be for the amount of increase in tax liability that exceeds 5 percent from 2006 to 2007.
The Missouri Department of Revenue administers two real estate tax assistance programs, the Missouri Property Tax Credit Claim and the Homestead Preservation Credit. You can only receive one of the credits. You should determine which tax credit program is more beneficial to you before you file for either credit.