Alderwoman Anne Schweitzer, of Boulevard Heights, introduced a bill to the St. Louis aldermen on Friday that would offer older homeowners a break on 20% of their property taxes. Under the proposed program, eligible seniors would be able to freeze the amount they owe on the city’s portion of their property taxes once they become eligible for the program, providing relief for those on fixed incomes who wish to stay in their homes.
The legislation is in response to a new state law aimed at helping older Missourians, particularly as home values and property tax bills have skyrocketed in recent years. While other counties have similar programs that freeze all of seniors’ property taxes, including those for schools, libraries, and fire protection, Schweitzer’s plan would only freeze the city’s portion of the taxes, in an effort to minimize the impact on taxing entities that rely heavily on property tax revenue.
Expected to cost the city up to $500,000 per year in the first three years, the proposed program would take effect in 2024 and be available to homeowners 62 or older who are eligible for Social Security. Under the program, taxes on a primary residence appraised at $500,000 or less would be frozen, with the appraisal limit set to rise over time with inflation. Beneficiaries would still pay taxes on the original value of their homes when entering the program, excluding any increased value.
With no dissenters on the bill, it still needs another favorable vote from the full board before it can go to the mayor’s desk for final approval. Once enacted, the bill is expected to save the average beneficiary between $50-$75 in the first year.
The legislation is Board Bill 141 and is seen as a way to help seniors without hurting city schools and other taxing entities that rely on property tax revenue. Overall, it is a step forward in providing assistance to older homeowners in St. Louis.
WhatsApp Group
