"Boone County becomes the first county in Missouri to adopt the senior property tax freeze following the passage of SB 756," the commission noted.
In the year a person becomes eligible, their real estate property tax bill will freeze at that amount, explained Northern District Commissioner Janet Thompson in a call with the Tribune on Monday. If a person first becomes eligible and their home has an assessed value of $100,000, as an example, that means their property tax bill just for the county is $282, based on the current property tax rate. This doesn't factor other taxing entities.
"The 'credit' is calculated between that and any subsequent increases," she said. "... Your tax liability is frozen at X point. ... When people hear 'tax credit,' they think they are going to get a check back. They are not."
So, that $282 charge remains the same, even if there is a future tax rate increase.
