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Forest Park holds first public hearing on whether to opt out of state's House Bill 581
Summary
The Forest Park City Council heard an overview of House Bill 581 and held the first of three required public hearings on whether the city should opt out of the bill's floating homestead exemption and related local-option sales tax provisions.
The Forest Park City Council held the first of three public hearings on Feb. 17, 2025, to consider whether the city should opt out of House Bill 581, a state law enacted in 2024 that creates a floating homestead exemption tied to inflation and a floating local-option sales tax (FLOST).
Tax Commissioner Danielle Smith, who addressed the council, said plainly, "HB 581 does not remove your current homestead exemption." She explained the law creates an additional, "floating" exemption that would be in addition to any existing local homestead exemption unless local governments opt out by the March 1, 2025, deadline.
Why it matters: HB 581 changes how increases in the taxable portion of residential property are calculated; it limits how much of assessed growth can be taxed in a year to the Consumer Price…
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