"We've got 400 million dollars we're carrying over, I'd like to give it back to taxpayers rather than spend it," Sen Eric Schmitt said.
Schmitt, a Republican serving District 15 in St. Louis County, introduced Senate Bill 666.
The proposes a tax cut to anyone who owned residential property as of Jan. 1, 2014.
"The average in Greene County would be $162 that a property owner could use to pay towards their property bill for that year," Schmitt said.
The break would equal .75 percent of a home's value, so a resident with a home assessed at $280,000 would get $400 and a home worth $140,000 would be worth a $200 credit.
Schmitt said that money will help stimulate the state economy.
"Any time you look at a rebate like this it's helped to expand our economy," Schmitt said.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.