Does Missouri Have a Homestead Exemption?

Missouri doesn’t have a homestead exemption for property taxes. There is a homestead exemption for legal purposes such as bankruptcy.

This post is provided for general information only. Please confirm the details and circumstances of your unique situation with your tax accountant or other appropriate advisor before taking action.

Are there real property tax breaks in Missouri?

The main real estate tax break in Missouri is the property tax credit. The property tax credit is a tax credit you can claim on your Missouri state income tax return.

The property tax is worth up to $1,100, so even though there’s no Missouri homestead exemption, the credit could be worth more than homestead exemptions in other states.

Missouri’s property tax credit is available to senior citizens and those who are permanently disabled. Income limits do apply.

What is the legal Missouri homestead exemption?

The legal Missouri homestead exemption allows you to protect part of the value of your homestead property if you have to file for bankruptcy.

Generally, you can protect up to $15,000 of your home equity from having to be liquidated in bankruptcy. In some cases, federal bankruptcy exemptions may give you higher amounts of protection.

The Missouri homestead exemption generally has nothing to do with your tax situation, and you should talk to a lawyer if you have questions about filing for bankruptcy or protecting your assets in general.

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