Associated Press

ST. LOUIS (AP) – An annual financial report for St. Louis says the city missed out on nearly $17 million in revenue during the last fiscal year because of property tax breaks meant to stimulate development.

The St. Louis Post-Dispatch reports that the annual assessment produced by the city comptroller’s office quantified the value of the tax breaks. The report discloses the value of commonly used tax cuts in order to comply with new government accounting standards.

The tax breaks freeze real estate values at their current level for about a decade so developers don’t have to pay property taxes on the value of improvements to the property.

The comptroller’s office says the $17 million in forgone revenue includes taxes that could’ve gone to other jurisdictions like public school districts. But economic development officials say the tax breaks help revitalize distressed properties and attract new residents.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Follow us on Twitter | Like us on Facebook

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS St. Louis

KMOX Podcasts
High School Spotlight
As Heard On KMOX

Listen Live