St. Charles County Government on LinkedIn: Did you submit your application for the Seniors Real Estate Property Tax… (2024)

FAQs

Does St. Charles County have a tax break for seniors? ›

The senior citizen real estate property tax freeze applies to St. Charles County residents who were at least 62 years old as of Jan. 1, 2024. Eligible residents have to apply for the tax freeze every year to keep their tax amount frozen. The tax freeze begins in tax year 2024 and does not apply retroactively.

In late 2023, Governor Mike Parson signed Missouri Senate Bill 190, which allows for freezes for property tax rates on owner-occupied real estate for senior citizens in participating counties. This move aimed to provide relief to senior residents facing escalating property taxes.

…all property, real and personal, not held for private or corporate profit and used exclusively for religious worship, for schools and colleges, for purposes purely charitable, or for agricultural and horticultural societies…. Article X, Section 6, of the Missouri Constitution of 1945.

The Missouri Property Tax Credit Claim is a program that allows certain senior citizens and 100 percent disabled individuals to apply for a credit based on the real estate taxes or rent they have paid for the year. The credit is for a maximum of $750.00 for renters and $1,100.00 for owners.

Taxes aren't determined by age, so you will never age out of paying taxes. Basically, if you're 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher.

Claiming parents as dependents

But if you cared for an elderly parent, your parent may qualify as your dependent, resulting in additional tax benefits for you. Once you determine that both of you meet IRS criteria, you can claim your parent as a dependent on your tax return.

The Missouri Property Tax Credit Claim gives back a portion of the rent or real estate tax paid for that year by persons 65 and older, or persons 18-64 that receive SSI, SSD, or Veterans Disability. The credit is for a maximum of $750 for renters and $1,100 for owners who owned and occupied their home.

As of Jan. 1, 2024, Social Security benefits are exempt from state tax, under a law passed in 2023.

If you are at least 65, unmarried, and receive $15,700 or more in nonexempt income in addition to your Social Security benefits, you typically need to file a federal income tax return (tax year 2023).

You would not be required to file a tax return. But you might want to file a return, because even though you are not required to pay taxes on your Social Security, you may be able to get a refund of any money withheld from your paycheck for taxes.

Can I deduct personal property taxes on my car in Missouri? ›

The personal property taxes paid on the vehicle are deductible as a Sch A itemized deduction. You do not need to send in proof with the tax return, however you need to keep this information with your tax file.

Personal property is based on ownership as of January 1, each year. If you purchase a vehicle January 2nd you do not pay on it until the following year, but if it's owned on the first day you pay for the full year regardless of when it is sold.

In Missouri, the homestead exemption applies to real property, including your home, condominium, or co-op. You must own and occupy the property in order to protect it. The homestead exemption also applies to a manufactured home you have converted to real property by permanently affixing it to the land.

Missouri allows for a property tax credit for certain senior citizens and 100% disabled individuals for a portion of what was paid in real estate taxes or rent that was paid throughout the tax year. The maximum amount of the credit for renters is $750 and $1,100 for home owners that pay real estate taxes.

Some seniors must pay federal income taxes on their Social Security benefits, depending on their income and filing status. If you have a source of income that is substantially more than what you receive from your Social Security benefits, you will pay federal income taxes on up to 85% of your benefits.

The current statewide assessment rate for residential real estate property is 19%. To determine how much you owe, perform the following two-part calculation: Estimated Market Value of the Property X Assessment Rate (19%) = Estimated Assessed Value. Estimated Assessed Value / 100 X Total Tax Rate = Estimated Tax Bill.

Am I eligible? The Senior Citizens Assessment Freeze Homestead Exemption qualifications for the 2022 tax year (for the property taxes you will pay in 2023), are listed below: You will be 65 or older during 2022. Your total household income in 2021 was $65,000 or less.

All states and the District of Columbia impose these taxes except Alaska, Delaware, Montana, New Hampshire and Oregon.