Nixon, Zweifel Pitch Property Tax Cut

Gov. Jay Nixon and State Treasurer Clint Zweifel plan to propose a one-year property tax cut for certain new homeowners next year.

The plan would subsidize a portion of property taxes for families making less than $98,000 a year who buy a new or existing home in Missouri in 2010.

Nixon and Zweifel announced they would bring the plan before the Missouri Housing Development Commission (MHDC) on Dec. 18th.

If approved, income eligible Missourians would have $1,250 of their property taxes paid. Families could earn an additional $500 credit with purchases of energy efficient homes and items.

It's estimated that between 9,000 and 11,000 families could tap $15 million in MHDC funds.

"Purchasing a home not only helps families achieve part of the American dream, but it also strengthens our economy and provides good-paying jobs," Gov. Nixon said in a statement.

The plan comes out of recommendations made by an advisory panel convened by Gov. Nixon this past summer. Among the recommendations was a plan to "promote home ownership and incentivize energy efficiency."

The full report of the panel can be found HERE.