Casino Values, Tax Revenues Plunge

Casino Values, Tax Revenues Plunge


St. Louis County Assessor Jake Zimmerman calls a decision by the County Board of Equalization to lower property value assessments outragous.

The assessments were lowered by a total of more than $300 million for Harrah's and River City Casinos.

The end result means the taxing districts for those casinos will not receive more than $10 million in what was expected tax revenue.

"This body of three lay people is not equipped to in a 15-minute hearing, to make a decision about the value of a multi-million dollar piece of commercial property," said Zimmerman.

"We came up with what we believe to be the fair market assessment of what the casinos were," said attorney Leslie Broadnax, chairperson for the board.

The Lemay Fire Protection district and Hancock school district say property owners in their communities should expect to make up the shortfall.

"The board wouldn't do that for your mom, they wouldn't do it for my mom, and they shouldn't be doing it for casinos either," said Jake Zimmerman, St. Louis County Assessor.

The Chair of the Board of Equalization stands by the decision saying the casinos made their case, "We only make our decisions based on what we're charged with by state statute and that is to provide what we believe is the fair market value of a property is."

She says the County has established new ways for dividing what is considered personal property and what is considered part of the real estate assessment.

She says those changes contributed to the new figures.

The Superintendent of the Hancock district was especially disappointed in the board's decision. He said he never knew the casino was appealing the decision. He questions whether the current process works.

"That's at least important for us to have a voice and a feel like our voice has been left out," said Dr. Kevin Carl, superintendent of schools.
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