Crestwood’s residential and commercial tax rates will decrease for 2015, while the city’s personal property tax rate will remain unchanged.

The Board of Aldermen voted 7-0 Sept. 29 to adopt an ordinance establishing the city’s 2015 tax rates. Ward 3 Alderman Grant Mabie was absent.

The residential tax rate will decrease to 24.8 cents per $100 of assessed value, down from last year’s rate of 25.6 cents per $100. The commercial tax rate will decrease to 39.9 cents per $100, down from last year’s rate of 43.1 cents per $100.

The personal property tax rate will remain unchanged at 27.8 cents per $100.

No one spoke during a public hearing on the city’s 2015 tax rates.

For 2015, the city’s total assessed value increased by $10,012,249 to $263,095,124 from 2014’s total assessed value of $253,082,875.

Ward 2 Alderman Darryl Wallach said, “… Just for clarity, it looks like if passed tonight, the increase that the city would receive is $5,349. Is that correct?”

Finance Officer Rick Jett replied, “That is based on the calculations as covered in Senate Bill 711. We are restricted to that amount, based on the State Tax Com-mission’s CPI (consumer price index) of 0.8 percent.”

In addition, the city will receive $1,308 in new revenue from new construction and improvements.