The real estate and personal property tax rate for St. Peters is staying the same this year as it has since 2007.
The city’s Board of Aldermen approved a tax rate of .77 cent per $100 assessed valuation for real and personal property for 2018. Local governments like St. Peters set their annual tax rates to support their budgets that begin on Oct. 1, the first day of their new fiscal years.
The city’s tax rate is broken down into two parts – .5903 cent per $100 assessed valuation to support the city’s general fund, which includes most of the everyday expenses of the city and .1797 cent per $100 assessed valuation to support the city’s debt service fund used to pay off bonds.
Cathy Pratt, the city’s manager of staff support services, told the board at its Sept. 13 meeting that the city’s rate has stayed the same since 2007. There was no major shift in assessed valuation between 2017 and 2018 because 2018 was not a reassessment year in St. Charles County.
The total assessed valuation for the city in 2018 is estimated at $1,244,579,569 compared to $1,232,425,383 in 2017. Much of the new tax revenue for the city – $110,074 – comes from new construction, Pratt said.
The board voted 6-0 to approve the tax rate, with Alderman Terry Violet [Ward 3] absent. Alderman Michael Shea had resigned from the board prior to the Sept. 13 meeting.
Alderman Jerry Hollingsworth [Ward 2] commended city staff for their work in providing services while the city, over the years, has reduced its tax rates. The city’s tax rate was as high 96 cents per $100 assessed valuation in the 1990s when Hollingworth first started serving as an alderman, he said.
He said it angers him when he hears residents complain about the city setting high tax rates because the amount of taxes paid depends on how property is assessed.
“We [St. Peters] didn’t raise your taxes, the St. Charles County assessor does,” he said.