MO Gov. Parson signs bill freezing property tax for seniors

CAPE GIRARDEAU COUNTY, Mo. (KBSI) – Senate Bill 190 was signed by Governor Mike Parson.

This act modifies provisions relating to the taxation of seniors.

However, individual counties still have to approve the property tax breaks.

“Just because he signed that doesn’t mean it’s in effect.”

Cape Girardeau County Collector Barbara Gholson says there are still missing parts to the bill.

Goldson says, “It doesn’t say if those are adults over the age of 65,” said Gholson. If it says when they can partially get social security at the age of 62, so there’s a real big problem there with knowing who is eligible.”

Right now, residents eligible for the tax cut include those who are eligible for Social Security, are homeowners of one property, and who are liable for the payment of real property taxes on that home.

Current law allows taxpayers with certain filing status and adjusted gross income below certain thresholds to deduct 100% of certain retirement and social security benefits from the taxpayer’s Missouri adjusted gross income, with a reduced deduction as the taxpayer’s adjusted gross income increases.

Jacob Fish with Edge Realty says for the housing market it’s always good when seniors get a break.

“I look at that as a positive, anytime we can give any kind of tax relief, to our senior citizen population, especially those who are on social security benefits that’s a good thing,” said Fish.

Fish says that tax relief usually brings a boost to the housing market.

“Any time we have any type of decrease in tax relief, or tax relief for citizens it tends to drive business, it tends to drive residents into our region,” said Fish.

Missouri is one of only 11 states that currently tax Social Security benefits.