Republican Lieutenant Governor Peter Kinder was the lone "no" vote on a Missouri Housing Development Commission proposal that would use state dollars to pay the property taxes of income-eligible homebuyers next year.The vote on the $35 million dollar plan was 7 to 1.
The MHDC approved using $15 million dollars from the federal stimulus package and $20 million from a reserve fund to spurt home buying and construction. Officials estimate that 9,000 households could qualify for a $1,250 subsidy to go towards their property taxes next year.
Supporters, including Gov. Jay Nixon and Treasurer Clint Zweifel are touting it as a tax cut. But critics call it a unnecessary subsidy.
"This program will help thousands of Missouri families realize the dream of home ownership by relieving their property tax burden for one year and encourage fiscally sound, resource-saving practices. By offering this tax relief, working Missourians will be able to pump more money into our economy, and I applaud the MHDC for taking this important step today," said Nixon in a statement.
GREEN HOME INCENTIVE: Also part of the plan is a $500 stipend for those who purchase an energy-efficient home or items to make the home more energy efficient.
The total tax relief for any one family would be capped at $1,750.
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