HB 342 -- Property Tax: Homestead Exemption Co-Sponsors: Stefanick, Portwood This bill authorizes a homestead exemption for purposes of real property taxation for all taxpayers owning property used by them as a residence in Missouri. The bill freezes the assessed valuation on any residence owned by a taxpayer for five or more years after the taxpayer reaches the age of 65. The bill also limits the increase in the assessed valuation of any taxpayer's residence in any two-year reassessment cycle to 5% or the Consumer Price Index if: (1) the taxpayer is less than 65 years of age; or (2) the taxpayer is 65 years or older and has owned the residence less than five years. Taxpayers using the homestead exemption provided in the bill will not be eligible for the circuit breaker tax credit. The provisions of the bill will become effective January 1, 2004.