Property Tax Credit Claim

State

Missouri

Year

2015

Variations in Receipt of Benefit

Benefit Varies with Income

Benefit Varies with Taxes Due

Benefit Type

Circuit Breaker

Benefit

The benefit is a payment distributed through income tax bill. The amount of the benefit varies with both income and property tax paid or rent constituting property taxes paid. For 2015, 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 for each $300 increase in income and for every $25 decrease in property tax paid or rent constituting property taxes paid. Married couples qualify for benefit with income up to $29,500 if they are renters or up to $34,000 if they are homeowner for the entire year. 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 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.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Property Value Limit

Renter

Veteran

Surviving Spouse

Other Criteria

Description of Eligibility 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) 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 $27,500 or less. If married filing combined, total household income must be $29,500 or less. For claimants that owned and occupied the homestead for the entire year, total household income must be $30,000 or less. If married filing combined, total household income must be $34,000 or less.

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

Benefit is distributed by state through income tax bill.

Record ID

MO103_RR15

Footnotes

For the purposes of this benefit income is defined as Missouri adjusted income and increased to reflect the following: social security and railroad retirement; veteran payments and benefits unless the claimant or spouse is a 100% disabled as a result of military service; all other public and private pensions and annuities; public relief, public assistance, and unemployment benefits received; SSI, TANF and/or child support payments received; non-business losses; wages, dividends, and interest; and rental income. “Disabled” is defined as the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than twelve months. A claimant shall not be required to be gainfully employed prior to such disability to qualify for a property tax credit. A claimant shall not be allowed a property tax credit if the claimant filed a valid claim for a credit Homestead Preservation tax credit in the year following the year for which the property tax credit is claimed.

Sources

Mo. Rev. Stat. § 135.010 ~ § 135.030 (in effect for 2015)
Property Tax Credit Claim Form and Instructions (2015) Missouri Department of Revenue [http://dor.mo.gov/forms/MO-PTC%20Instructions_2015.pdf Accessed on 07/05/2016]
View Archived Source

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