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A public hearing will be held by the City Council on Tuesday, September 11, 2018 at 7:00 p.m. at the Creve Coeur Government Center, 300 North New Ballas Road, at which time citizens shall be heard on the property tax rates proposed to be set by the City of Creve Coeur.
Proposed 2018 property tax rates per $100 assessed valuation:Residential = $0.083Commercial = $0.083
General Fund property tax revenues estimated for FY19 budget:Residential = $435,390Commercial = $300,131Total Revenues = $735,521
The City voluntarily reduced the property tax rate in 2012 due to a budget surplus at the time. Due to continuously declining revenue sources and the need to maintain current service levels, the City is proposing to rescind the voluntary reduction to the tax rate ceiling for the 2018 property tax rates.
The projected revenues from the property tax are estimated to produce slightly more revenues for FY 2019 due to an increase in assessed valuation from new construction, in addition to an increase to the tax rate ceiling.
The proposed property tax rates will be discussed at the public hearing on September 11. Final reading and possible adoption of the proposed property tax rates for 2018 is scheduled for the City Council meeting on Monday, September 24.