On Tuesday, Gov. Jay Nixon and State Treasurer Clint Zweifel announced a proposal to pay the first year of property taxes for Missouri residents who buy a new or existing home after Jan. 1. The intention of the program is to entice people to enter or re-enter the real estate market, under the guise of pumping up the state’s economy.
The plan, which goes before the Missouri Housing Development Commission at its Dec. 18 meeting, calls for qualifying home buyers’ property taxes, up to $1,250, be paid “using $15 million in unencumbered reserve funds at MHDC,” according to a release from the governor’s office. “The funding would come from a reserve fund held by MHDC earned through successful management of mortgage loans made to low- and medium-income individuals and families. These reserve funds are not from general revenue, nor subject to the legislature’s appropriation process.”
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