Property Tax Deferral in Senate for Amendment Approvals

Intro: A Senate bill that would allow senior citizens to defer property taxes on their homes passed through the House today with amendments for approval by the Senate. Rebecca Layne has more from Jefferson City. RunTime:0:48
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With this bill, people over 60 could defer their property taxes.

Liens would be placed on the property until the deferred taxes were paid.

Republican Representative Charles Portwood says the deferral program does nothing.

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Description: So you have the equity in your home. You go to the bank because you have a need. You ask for a loan for the value of your house which is already paid for. And you can't get the value out of your house because we've created a deferral program that does nothing to help the seniors with their property tax but yet it encumbers them so they can never ever get the equity of their home.

Portwood says the bill's deferral program almost guarantees that the state can become the largest landowner in Missouri.

Reporting from Jefferson City, I'm Rebecca Layne.

Intro: A program would be established to receive repayments of deferred property taxes from senior citizens with an amended bill that returns to the Senate for approval. Rebecca Layne has more from Jefferson City.

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The bill would allow people over 60 to defer their property taxes, with a lien or interest placed against the property until the taxes are paid voluntarily.

Democratic Representative Margaret Donnelly says the program is a zero-sum gain for the state.

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Description: You, in essence, create a revolving fund so that we are not taking the money out of state general revenue. So it is not an expensive program for the state to create, but it also does provide the local governments with some way of recouping the taxes.

Donnelly says the program has proved to be successful in other states.

Reporting from Jefferson City, I'm Rebecca Layne.

Intro: A property tax deferral program for senior citizens would be created if a Senate bill gets final approval of its House amendments. Rebecca Layne has more from Jefferson City. RunTime:0:38
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The property tax deferral program would aid people over 60 who can't pay their property taxes.

Republican Representative Charles Portwood says the program takes deserved pressure off county government.

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Description: And if you offer and you're successful in this deferral plan then you've done absolutely nothing to put burden on county government to do what they're supposed to do and roll their property tax rates back.

Interest will accrue annually on the actual amount of taxes advanced to the county for the tax-deferred property.

Reporting from Jefferson City, I'm Rebecca Layne.