The St Louis County Assessor believes as much as 12 million dollars in tax revenue vanished when the assessments for the two casinos in the county were lowered dramatically.
The county's Board of Equalization made the decision to cut assessemnts for Harrahs from $502 million to $215 million and River City from $283 million to $168 million.
The board is made up of three members appointed by the county executive. I would imagine homeowners in the county would not be able to get their assessements cut by half or more by the board.
The fallout is expected to be felt all over the county, from budgets for Special School District to the Zoo, and especially Lemay fire district, Pattonville fire and Pattonvilel schools and Hancock Place schools which calculate they are now short by $600,000 and will have to raise property taxes.
Incidently it's worth noting that several officials have told me during the recession they've seen assessments on commercial property continue to decrease.