The city’s Board of Aldermen held a public hearing on its proposed property tax at its Sept. 4 meeting but took no final action. City Administrator Paul Markworth said the board is expected to set the tax rate at its Sept. 17 meeting.
“I recommended they hold that for a second reading in case people come in and want to talk about it,” Markworth said.
Taxing jurisdictions have until Oct. 1 to set their rates. Tax bills will be sent out by the St. Charles County Collector of Revenue in early December with a Dec. 31 deadline for payment.
The bill will have tax amounts due from all taxing jurisdictions serving a resident, which can include fire, community college, school, ambulance and library districts.
The proposed tax rate in Lake Saint Louis is 54.21 cents [.5421] per $100 assessed valuation for the city’s general fund and 47 cents [.4700] per $100 assessed valuation for debt service – the same as last year. “They are identical,” Markworth said.
Last year, the city actually lowered its rate from 57.64 cents [.5464] per $100 assessed valuation for the city’s general fund and 47 cents [.4700] per $100 assessed valuation for debt service.
Property taxes are determined by multiplying the current tax rate by the assessed valuation of a piece of property. The result is divided by $100 to come up with individual taxes.
Because this isn’t a year when real property is reassessed by the county assessor’s office there wasn’t a change in rates. Last year, the city’s assessed valuation when up significantly, requiring tax rates to come down. The city’s real estate valuation was up by more than $30 million last year.
The Missouri Constitution states that cities cannot enhance their revenue beyond modest limits without voter consent. Reducing tax rates allows cities to stay below those limits.
Lake Saint Louis’ assessed valuation for real estate went up this year but not as significantly as in the past. The city’s assessed valuation for real estate was $367.7 million in 2018 according to preliminary assessor’s estimates compare to $363.2 million in 2017.
Markworth said final county valuation figures are due in October. “If we have to lower it we will lower it, but it isn’t going up but it’s not going to be more than it was last year,” he said.