St. Louis County ordinance closes business property tax loophole
A new ordinance in St. Louis County will soon require that businesses are up to date with property tax payments and officials say the new rule could generate up to $35 million in revenue.
The ordinance closes a loophole that allowed businesses to be issued permits and licenses even if they didn't pay their property tax.
St. Louis County Director of Revenue Eugene Leung hopes the move will save residents money.
"This just gives the department of revenue another tool to collect personal property taxes and provide the revenue to the school districts and fire districts that they would expect to get based on the property tax assessments that the assessor sets," Leung says.
Starting September 4th, companies that require a yearly license will have to show to show proof in St. Louis County that personal property taxes are paid.
"This is very similar to the program that the state has, for example, when they require you to show proof that have you've paid your personal property taxes before they issue you license plates," Leung says.