JEFFERSON CITY, Mo. – A new study is making the argument for historic property tax credits as legislators in the Missouri State Capitol debate changes to the program.
A study commissioned by The Missouri Alliance For Historic Preservation took a look at online property tax records for 215 addresses in six Missouri counties which have received those tax credits over the past two decades.
The counties used for the study were Boone, Buchanan, Cole, Greene, Jasper, and St. Charles.
Supporters of the historic tax credits say the numbers demonstrate that the net financial benefits to local schools and government are quite significant. That’s because the property values typically increase after being rehabilitated.
A perfect example of this comes from St. Charles, with the Old Post Office on South Main Street. In 2015, the total billed property tax was $6,200.88. In 2017, after developer Randy Schilling had restored the building, the property was billed for $28,153.53 – a 354 percent increase from the 2015 numbers.
In some areas, the properties have seen their total net taxable values more than double their previous values. The six counties in question billed the 215 properties for a combined total of $1,767,313.76 in local property taxes in 2017, an average of more than $8,000 per property.
|
COUNTY |
2017 TOTAL TAX |
ADDRESSES |
AVERAGE BY ADDRESS |
|
BOONE |
$484,574.52 |
22 |
$22,026.11 |
|
BUCHANAN |
$83,530.20 |
55 |
$1,518.73 |
|
COLE |
$209,555 |
24 |
$8,731.46 |
|
GREENE |
$843,343.17 |
88 |
$9,583.45 |
|
ST CHARLES |
$118,885.59 |
15 |
$7,925.71 |
|
JASPER |
$27,425.28 |
11 |
$2,493.21 |
|
$1,767,313.76 |
215 Addresses |
$8,220.06 |
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Benjamin Peters was a reporter for The Missouri Times and Missouri Times Magazine and also produced the #MoLeg Podcast. He joined The Missouri Times in 2016 after working as a sports editor and TV news producer in mid-Missouri. Benjamin is a graduate of Missouri State University in Springfield.
