ST. LOUIS – Many senior citizen homeowners in St. Louis City would receive a break on their property taxes if a bill receives final approval Friday from the Board of Aldermen.
That partial property tax break is detailed in ‘Board Bill 141.’ The Board of Aldermen members are set to take a final vote on the legislation during their meeting later Friday morning at City Hall. The bill already received initial approval from the board at last week’s meeting, with nobody voting against it.
Anne Schweitzer, an aldermanic member, is the bill’s primary sponsor. It would enable eligible senior citizen homeowners in the city to freeze the amount they owe on the city’s portion of their property taxes.
FOX 2’s partners at the St. Louis Post-Dispatch reported that this is basically 20% of a resident’s total property tax bill. The legislation says that those who qualify would save about $50 to $75 in the first year of the legislation.
To qualify, locals would have to be homeowners who are 62 years of age or older and eligible for social security. Those residents would be able to freeze the city portion of their property taxes on a primary residence that is appraised for $500,000 or less.
We’re told that while the appraisal limit would rise over time with inflation, those who qualify would only pay taxes on what their homes are worth when they start in the program. The legislation is a move by the city to help put into effect a new state law designed to help older Missourians deal with rising property tax bills.
Unlike similar legislation in St. Louis County and St. Charles County, this bill does not exempt those who qualify from paying property taxes to other taxing entities, like city schools.
The legislation could cost the city up to $500,000 in the first three years. It would take effect next year.