Every Missourian knows that property values – and property taxes – have risen dramatically in the past 15 years, as well as the cost of the rent. State lawmakers are now looking at increasing what’s known as the “circuit breaker” as well. The Missouri Property Tax Credit or “circuit breaker” has not changed since 2008. It was designed to help low-income seniors and Missourians with disabilities, both homeowners and renters, stay in their homes longer. House Bill 1351 would raise both the amount of tax credit and the income eligibility limit. Juli Jordan with SeniorAge Area Agency on Aging says the update is long overdue.
The maximum tax credit has been 750 dollars for renters and 11 hundred for homeowners since 2008. The bill would raise the maximum tax credit for renters to one-thousand-55 dollars, and for homeowners to 15-hundred-50 dollars in 2024, and includes an annual adjustment based on inflation. The income eligibility level would also increase and be adjusted annually based on inflation.
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