Property Tax Credit Claim (Circuit Breaker)

State

Missouri

Year

2022

Variations in Receipt of Benefit

Benefit Varies with Income

Benefit Varies with Taxes Due

Benefit Type

Circuit Breaker

Benefit

The benefit is a refundable income tax credit that varies with both income and property tax paid (or rent equivalent). 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 equivalent). Rent constituting property taxes is calculated at 20% of the gross rent paid by a claimant and spouse in the calendar year.

How is Benefit Disbursed

Credit to the income tax bill

Eligible Property Type

Residential

Characteristics of Eligible Property

Only homesteads are eligible for this tax benefit. The homestead is the dwelling owned or rented by the claimant and up to 5 acres of surrounding land. 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.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Renter

Veteran

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

The claimant or their spouse must be a resident of Missouri for the entire calendar year and (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. For renters/part-year owners, total household income must be no more than $27,200 for single filers or $29,200 for married filers. For claimants who owned and occupied the homestead for the entire year, total household income must be no more than $30,000 for single filers or $34,000 for married filers. Income eligibility is based on the prior year's income.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

The benefit is distributed by the state through the income tax bill.

Record ID

MO103_RR22

Footnotes

Income is defined as Missouri adjusted income and is increased to reflect the following: social security and railroad retirement, veteran payments and benefits (unless the claimant or spouse is 100% disabled as a result of military service), all other public and private pensions and annuities, public relief, public assistance, unemployment benefits, SSI, TANF, child support payments, non-business losses, wages, dividends, interest, and rental income. Homeowner applicants may reduce income by $2,000 and by an additional $4,000 for the applicant's spouse residing at the same address. “Disabled” is defined as the inability to engage in any substantial gainful activity by reason of any physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of at least one year. A claimant is not required to be employed prior to such disability to qualify. 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.

Sources

Mo. Rev. Stat. § 135.010 ~ § 135.030 (in effect for 2022)
Missouri Department of Revenue, 2021 Property Tax Claim, Form MO-PTC (for filing in 2022)
[https://dor.mo.gov/forms/MO-PTC%20Print%20Only_2021.pdf Accessed 11/01/2023]
View Archived Source

Missouri Department of Revenue, 2021 Property Tax Claim Instructions, Form MO-PTC (for filing in 2022)
[https://dor.mo.gov/forms/MO-PTC%20Instructions_2021.pdf Accessed 11/01/2023]
View Archived Source
Missouri Department of Revenue, Property Tax Credit
[https://dor.mo.gov/taxation/individual/tax-types/property-tax-credit/ Accessed 11/01/2023]
View Archived Source

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