By now, you’ve probably heard that property taxes in Missouri are increasing and that some areas will see their taxes go up.
Missourians will be able to pay more for the things they own in their homes and businesses.
However, if you live in one of the state’s most populous cities, there is a lot of new revenue for property owners that is also going to go to pay for schools, roads, police, and other state services.
Here are 10 things you may have missed about Missouri property tax hikes:Missouri’s property tax increases will go into effect July 1, and they are expected to raise more than $3 billion, according to a report by the St. Louis Post-Dispatch.
That is $3.2 billion in 2017 dollars, or $2,600 per resident.
The increase will be in addition to the $2.5 billion that is expected to be raised in 2018.
The total increase will affect about 6.2 million Missouri residents, or 4.4 percent of the population.
The increases are expected “to lead to a decrease in state income tax revenues and increase Missouri’s tax burden on businesses and individuals,” according to the report.
“The average increase is projected to bring in approximately $5,000 in 2017-18, with the majority of that increase coming in the form of higher property taxes,” the report says.
“We estimate that Missouri’s property taxes will increase from $2 billion to $2 and $3,000 per resident by 2021,” the St Louis Post Dispatch report added.
It’s unclear exactly how much the increase will cost, but it could be as much as $2 million per resident, with some areas of the country receiving an additional $3 million.
The St. Charles City Council approved a 1 percent increase in property taxes earlier this year, and it’s possible the city will increase that rate even further, according the St Charles Daily Herald.
A $1.5 million property tax increase is also in the works in St. Clair County.
The county’s first property tax hike in 20 years took effect in October 2017.
St. Louis County Commissioner Steve Schulte told the newspaper that the county has “had more than one, maybe two years” of discussion with local and state officials about the proposed tax increase.
“There’s a lot to work out,” he said.
Schulte said the county will have to find ways to reduce its reliance on taxes, including offering a tax-free savings account for people and families.
The council voted to extend a $200,000 grant to the county in February.
Schultz also said the city of St. Joseph will likely face a property tax bump next year as the city tries to keep up with the demand for public housing.
The property tax rate is set to go up $5 per $100,000 of assessed value.
Schmidt said the increase is “the culmination of decades of work on the issue.”
The county has been able to save some money by not requiring residents to pay the increased property taxes, he said, adding that “we are confident that it will be offset by a significant reduction in other local tax revenues.”
The St. Francis County Treasurer’s office estimated the property tax will increase by $2 per $1,000 assessed value of property for St. Marys, St. James, and St. Peters counties, but that “there are a number of factors that will likely result in higher taxes in the future,” according the county’s website.
Schulz also said there is likely to be a reduction in state government services in St Louis County as well, including the state parks system and the state Department of Public Safety.
The county said in a statement to the St, Louis Post Examiner that the property taxes are the result of a $500 million economic development project.
The project, which began in 2012, includes a major new building on the St Joseph County Courthouse, as well as a new water and sewer system, a new fire station, a large number of new police stations, a fire station upgrade, and improvements to a nearby community center, it said.