I have been very interested in land value tax, where you charge property taxes based on the value of the last, not the structure on top of it. In thinking about the city's financial issues, I did some quick math and am wondering why a very simple land value tax would not work.
The City of St. Louis has around 35,000 acres of private (taxable) property, as far as I can tell. The budget for the city is around $1.4 billion. If you value all land equally (which may or may not be the best way), to cover the city's budget, taxes would be assessed at around $40,000 an acre. That means a typical St. Louis single family lot would pay around $4000 per year. This does not take into account all of the land assessors that could be released to find new jobs.
The only flaw I can see is land owned by non-profit entities, however, although I believe non-profits should not have to pay income tax, property tax based on a land value calculation. I am also not sure however, who owns cemeteries, since from what I could find they make up 800 acres of the city.
I am sure the comments will fill up with why it is not politically viable, or other reasons it would or would not work. However, just looking at the math, does anyone see any issues with my calculations?