Crestwood board sets ’08 tax rates at ceiling

Crestwood aldermen last week voted 6-0 to set the city’s 2008 property-tax rates at the ceiling for each rate.

Crestwood’s general property-tax rates per $100 of assessed valuation for 2008 are 20.9 cents for residential property, 30 cents for commercial property and 27.9 cents for personal property.

In 2007, the rates levied were 20.5 cents for residential property, 23.4 cents for commercial property and 27.9 cents for personal property.

Crestwood has a 2008 assessed valuation of $190,092,960 in residential property, $77,008,110 in commercial property, $32,121,930 in personal property and $150 in agricultural property for a combined assessed valuation of $299,223,150.

Aldermen also voted to keep the city’s residential debt-service tax rate at its 2007 level of 16.9 cents.

That debt-service rate was approved by voters in 2006 through Proposition S, a seven-year, 20-cents-per-$100 property-tax increase to pay off more than $3.5 million in debt and credit expenses at the time.

That debt now is roughly $1.48 million as aldermen earlier this year authorized a $525,000 prepayment on that debt, which should result in the debt being paid off a year earlier than the seven years allowed in Prop S. Because of reassessment in 2007, aldermen rolled back the Prop S tax in 2007 from that voter-approved 20 cents to 16.9 cents on residential property.

That 20-cent tax rate approved in 2006 now will only apply to commercial and personal property in 2008.