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Issue: 1140 Date: 6/28/2012
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Harrah's Casino 2012 Personal Property Value Change
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St. Louis County Assessor Jake Zimmerman announced today that the total appraised value for the Harrah's Casino in Maryland Heights will be returned to $502.4 million dollars. That value is identical to Zimmerman's appraised value for the property in 2011, before Harrah's sought and received a large reduction from the St. Louis County Board of Equalization.
Says Zimmerman: "With the announcement of the pending sale of the Harrah's casino property for $610 million, we are more confident than ever that our original 2011 valuation decision was correct. Unfortunately, last year Harrah's received a tax windfall after seeking a reduction of hundreds of millions of dollars. That simply wasn't right. When big entities like Harrah's get special breaks, the rest of us wind up paying more. All taxpayers must be treated equally, so that everyone - including Harrah's - ultimately pays their fair share."
A brief recap of 2011: the Assessor appraised Harrah's real property at $62.9 million and personal property at $439.5 million dollars. Harrah's appealed the personal property valuation to the Saint Louis County Board of Equalization, and was granted a value reduction of $287.4 million dollars. Zimmerman opposed that reduction, which was the subject of substantial public discussion and criticism. Zimmerman asked the Board of Equalization to reconsider its decision; the Board declined to reverse itself in that matter, but did reverse itself in a related case involving St. Louis County's other casino, River City.
Harrah's, like any other property owner, will again have the right to appeal the County's new appraised value to the Board of Equalization. |
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