St. Louis County Executive Charlie A. Dooley announced today that he would ask the St. Louis County Council to reduce the County’s property tax by more than 7 percent.  This cut would provide County taxpayers with an almost $9 million in annual savings.

“The mounting number of job loses in recent weeks and its impact on our community demands that we take action on keeping St. Louis Countians in their homes with some money in their pockets,” Dooley said.  “As a consequence of this, I am also asking the Council to drop consideration of Bill 11 (formerly called Prop I).

“This change does not reduce the importance or need for the projects that the bond issue would have addressed,” he stated.  “I now believe, however, that there is something more important to address and that is the economic recovery of our County families. Homeowners are the backbone of our County and they make this an attractive place to live, work, and play.  It is time for us to put more money into their pockets to stimulate the economy.”

  The request represents a reduction in the County’s 2009 Debt Service levy from $0.063 to $0.028 (per $100 assessed value).  This is a reduction of $0.035 (55%) and will reduce property tax collections for the Debt Service fund by $8.8 million annually.

“I believe this tax cut for the property owners of St. Louis County is just a start in helping to alleviate the economic crisis here at home,” he added.  “I plan on a continuing dialogue with the Council in search of more ideas that will help lead our County through this financial crisis.”