A St. Louis Circuit Court judge on Thursday overturned the defeat of a property tax hike designed to help the city secure bonds to fund the rehabilitation of properties in its land bank.
More than 58 percent of voters approved the tax hike, Proposition NS, last year. But 66 percent approval is required by city charter.
The city filed a lawsuit last September, arguing the issue should be governed by state law, which requires four-sevenths approval — a threshold the vote surpassed.
The measure will raise property taxes by $11 for every $100,000 of market value. Those funds will help secure up to $40 million in bonds that will be used to pay for improvements to properties owned by the St. Louis Land Reutilization Authority.
Backers of the tax say it will make it easier to sell properties to developers, thus boosting property values and creating a larger tax base for the city.
It’s also viewed as a boon to Mayor Lyda Krewson’s push to address vacant properties in the city.
Read more: St. Louis Post-Dispatch