Property Tax Credit Claim (Circuit Breaker)

Missouri

2021

Benefit Varies with Income

Benefit Varies with Taxes Due

Circuit Breaker

The benefit is a refundable credit distributed through the state's income tax. The amount of the benefit varies with both income and property tax paid or rent constituting property taxes paid. The maximum benefit is $750 for renters and $1,100 for homeowners. Claimants with income below $14,300 are eligible for the maximum benefit. For claimants with income above $14,300, the benefit decreases 1/16th percent for each $300 increase in income and for every $25 decrease in property tax paid or rent constituting property taxes paid. Rent constituting property taxes is calculated at 20% of the gross rent paid by a claimant and spouse in the calendar year. Applicants must apply annually for the benefit using form MO-PTC by the due date for the federal income tax return. Certain filers must use form MO-PTS.

Credit to the income tax bill

Residential

Only homesteads are eligible for this tax benefit. The homestead is the dwelling owned or rented by the claimant and up 5 acres of land surrounding. It may consist of part of a multi-dwelling or multipurpose building and part of the land upon which it is built. Mobile homes may be eligible for this benefit.

Age

Disability

Homeowner

Income Ceiling

Renter

Veteran

Surviving Spouse

Other Criteria

The claimant or their spouse must be (a) at least 65 years old on or before the last day of the calendar year; (b) a veteran of any branch of the armed forces of the United States or the state who became 100% disabled as a result of such service; (c) 100% disabled; or (d) have reached the age of 60 on or before the last day of the calendar year and received surviving spouse Social Security benefits during the calendar year. The claimant or spouse must be a resident of Missouri for the entire year. For renters/part-year owners, total household income must be $27,200 or less. If married filing combined, total household income must be $29,200 or less. For claimants that owned and occupied the homestead for the entire year, total household income if single must be $30,000 or less. If married filing combined, total household income must be $34,000 or less. All income eligibility requirements apply to income earned in the year prior to filing for the credit.

Local government is unable to exercise an option

No local option regarding program features

State reimburses all of the local government tax loss

Benefit is distributed by state through income tax bill.

MO103_RR21