Tax breaks cost St. Louis $29.6 million in 2017 revenue

The amount of revenue taxing jurisdictions in St. Louis missed out on last year due to property tax abatements was $29.6 million, or about 76 percent higher than initially believed, according to an update from the city.

Updated national accounting standards now require local governments to disclose the value of tax abatements in their annual financial reports. A report issued in December found about $17 million in foregone revenue, but a supplemental filing issued last month revised that figure up.

That tax revenue would have been shared by entities including St. Louis Public Schools, the Zoo-Museum District, St. Louis Public Library and the city.

Read more: St. Louis Post-Dispatch

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