Property Tax Relief for Older Adults in Missouri
Increasing housing values and associated property taxes can have a devastating impact on older adults in Missouri. In many cases, older people may end up being “priced-out” of the home they have lived in for decades and face being separated from their neighbors and the community in which they’ve raised their families. Property tax relief targeted toward both homeowners and renters (who may see higher rental rates tied to property tax increases) can give a much-needed break to older adults living on fixed incomes.
Yet property taxes are also an important source of revenue for local governments and are used to fund schools, fire departments, and senior services in communities across Missouri. While it is critically important to provide targeted property tax relief to help older adults remain in their homes and communities, it is equally important to do so in a way that protects a community’s ability to provide critical services for those same seniors and their families.
Fortunately, there are a variety of ways to deliver property tax relief to those who need it most, while avoiding unintended consequences like cuts to local services or increases in user fees and sales taxes.
This report, completed by Missouri Budget Project and made possible with the support of Marillac Mission Fund, offers five key recommendations to provide property tax relief to older adults in Missouri.
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