The city of St. Louis is poised to join St. Louis County and St. Charles County in approving legislation freezing property tax rates for certain seniors, after the Board of Aldermen perfected a measure Friday that leaves it one vote shy of final passage.

Board Bill 141 would allow homeowners 62 and older in homes worth $500,000 or less to apply for a tax credit on their primary residence annually by June 30.

The $500,000 cap would be adjusted for inflation. The freeze would apply only to city property taxes and would not apply to other taxing entities like Saint Louis Public Schools, The Metropolitan Zoological Park and Museum District, or community improvement districts or special business districts in the city.

Properties receiving tax abatement or tax increment financing would be ineligible.

The annual overall city cost is estimated to be between $331,200 and $496,800 if every eligible homeowner applied for the tax credit.

Unlike the proposals in neighboring areas, the city’s legislation doesn’t include a severability clause, which could be important in the event the state law enabling the local legislation, or other versions of the local legislation are challenged in court.

Critics of the state law say it didn’t clearly identify eligibility for the tax credit and also leaves county governments in position to affect the tax revenue of other taxing bodies even though it has no governing authority over them.

St. Charles County’s version of the language, for example, would be stripped down to the property tax it collects for itself in the event of a successful legal challenge. 

Eleven St. Louis aldermen voted to perfect the bill Friday, with three abstentions and one vote as present. The present and abstaining votes came from lawmakers who were concerned about violating the charter amendment passed by voters last year that governs the potential for a financial conflict of interest.

Aldermen could give the bill final approval next Friday.