Missouri Property Tax Credit

This is the time of year when most of us think bad thoughts about taxes. However, for some folks this time of year can bring some smiles because of tax credits. One of the tax credits I don't want you to forget is the Missouri Property Tax Credit (MoPTC) also known as "Circuit Breaker."

The MoPTC claim gives credit to certain senior citizens and 100% disabled individuals for a portion of the real estate taxes or rent they have paid for the year. The credit is for a maximum of $750 for renters and $1,100 for owners who owned and occupied their home. The actual credit is based on the amount of real estate taxes or rent paid and total household income (taxable and nontaxable).

If you are 65 or older as of Dec. 31, 2008 or 100% disabled with total household income of $30,000 as a single person or $34,000 as a married couple and have owned and occupied your home in the state of MO the entire filing year you should apply for the rebate. Also, if you are a 100% service connected disabled veteran you do not even have to include your VA payments in the income calculation.

If you are 65 or older as of Dec. 31, 2008 or 100% disabled with total household income of $27,500 as a single person or $29,500 as a married couple and have owned your home for part of the filing year, or rented in the state of MO you should apply for the rebate. Again, if you are a 100% service connected disabled veteran you do not even have to include your VA payments in the income calculation.

One other group of people that should file are those that are 60 or older as of December 31, 2008 and received surviving spouse social security benefits, and fall into the appropriate guidelines listed above.

If you have questions regarding this information you may call me at 335-3331 or 1-800-392-8771, or go to www.dor.mo.gov