Senior Citizen Property Tax Freeze 2024 Rate Information

Senior Citizen Property Tax Freeze 2024 Rate Information

Update for senior citizens about how the tax freeze credit will look on their bill, and how increases in other taxes will affect their total rates.

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October 16, 2024 | 2 min reading time

2024 is the first year for the City of St. Louis Senior Tax Freeze Credit. Approximately 6,600 senior citizens have been approved for the credit.

Increase in Other Taxes

All senior taxpayers approved for the credit will see an increase on their 2024 bill due to the large increase in the School taxes and modest increases in most of the other taxes.

Approved senior taxpayers will see a Senior Tax Freeze Credit on their 2024 bill because of the City taxes that are frozen, however it will not be enough to offset the increases from the Schools and the other districts. The senior freeze credit will offset less than 10% of the total increase.

If the property owner has a multi-family building, they will only receive the senior property tax freeze credit on the unit in which they reside. They will not receive a credit for the entire building.

If the senior citizen lives in a mixed-use property (residential and commercial) the property tax freeze credit will only apply to the residential portion.

New construction value is not eligible for the freeze in the first year. Full taxes must be paid on any new construction before it can be frozen. The new construction will then be eligible for the tax freeze credit the year after the full taxes are paid.

Summary of taxes that will and will not increase

City taxes Frozen (will not increase)	Other taxes NOT frozen (can increase)
County Rate Parks & Recreation Public Health Hospital General Revenue 1 General Revenue 2	Debt Service Developmental Disability Resources (Sheltered Wrkshp) Mental Health Senior Services Community Children's Services State Blind Pension Public Schools St. Louis Community College Metropolitan Sewer District Zoo & Museum Districts Public Library

Example of Credit on 2024 Bill

See below for an example of how Senior Property Tax Freeze Credit looks on your 2024 bill:

Property Tax Freeze Credit on a $100k Residence

Examples calculated using the 2024 tax rates and base year of 2023:

1. 2023 Value and taxes
   • Market Value = $100,000
   • Assessed Value = 19,000
   • Tax rate = 7.9593
   • Total Taxes = $1,512.27
2. 2024 Value and taxes
   • Market Value = $100,000
   • Assessed Value = 19,000
   • Tax rate = 8.3708
   • Total taxes = $1,590.45
3. Total increase in taxes = $78.19
   • Increase is 5.17%
4. Senior Property Tax Freeze Credit = $6.59
   • 2023 City taxes frozen at 2023 level;
   • All other taxes calculated at 2024 level
5. New Total Tax bill = ($1,590.45 - $6.59) = $1,583.86

In the above example, the total tax increase after the senior credit is applied is $71.59 (instead of $78.19 without the credit). The senior tax credit has offset the total increase by 8.43% ($6.59/$78.19).

• Department:
  Office of the Assessor
  
• Topic:
  Taxation and Revenue