Times are hard and that's true especially for seniors. There's a new law in Missouri that means some older citizens will get a break from property tax hikes according to a new report.

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I saw this report from 24/7 Wall St about a just-passed law in Missouri. It's SB190 just passed by the Missouri legislature which provides the following:

This act authorizes a county to grant a property tax credit to eligible taxpayers residing in such county, provided such county has adopted an ordinance authorizing such credit, or a petition in support of such credit is delivered to the governing body of the county and is subsequently submitted to and approved by the voters, as described in the act.

Eligible taxpayers are defined as residents who: 1) are eligible for Social Security retirement benefits; 2) are the owner of record of or have a legal or equitable interest in a homestead; and 3) are liable for the payment of real property taxes on such homestead.

So what's the translation for Missouri seniors? The short version means this. Normally when an assessment is made on a property, the tax can go up if the value of the property goes up. For eligible Missouri seniors, that property tax is more or less frozen where it was before.

But wait, there's more. Missouri bill SB190 also has income tax implications for seniors, too. I am no tax expert, so I'd advise reading the bill for yourself for specifics on potential relief for Missouri's senior residents.

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