Tax rates for Lake Saint Louis residents aren’t going up this year.
The city’s Board of Aldermen approved keeping the city’s property tax rate at 59.51 cents per $100 assessed valuation, which will provide funding for the city’s general fund that covers most city expenses.
The city’s debt service rate will remain at 47 cents per $100 assessed valuation for this year. Those rates are the same as in 2013.
The board is required to adopt tax rates by Oct. 1. Aldermen took the action at their Sept. 22 meeting after being told that – even though the city’s assessed valuation had dropped by less than 1 percent – the rates didn’t need to be adjusted to generate sufficient revenue.
Property and debt service tax rates are determined by multiplying the current tax rate by the assessed valuation. The result is divided by $100 to determine rate.
The assessed valuation for Lake Saint Louis real estate stood at $301.3 million this year, compared to $299.3 million in 2013, according to the St. Charles County Assessor’s office. The city also is receiving about $24,270 in tax revenue from new construction in 2014.
City Administrator Paul Markworth said the figures indicate that the city may have $1,000 less than budgeted for its general fund and about $2,000 less for debt service.
“We’re right where we should be,” Markworth said. ”With that being the case, we don’t think we have to make an adjustment.”
City officials do hope property values rise next year, when property countywide is reassessed by the assessor’s office.