The Crestwood Board of Aldermen was scheduled this week to consider an ordinance establishing the city’s 2010 property tax rates.

The ordinance was up for a first reading at the board’s meeting Tuesday — after the Call went to press. If the first reading is approved, a public hearing will be conducted prior to the second reading of the ordinance at the next regular board meeting, which is scheduled for 7 p.m. Tuesday, Sept. 28, at the Crestwood Government Center, 1 Detjen Drive.

Preliminary 2010 property tax rates, per $100 of assessed valuation, are: residential, 22.9 cents; residential Proposition S, 20.2 cents; commercial, 40.4 cents; commercial Prop S, 20 cents; personal property, 27.9 cents and personal property Prop S, 20 cents.

Crestwood’s 2009 property tax rates were: residential, 22.3 cents; residential Prop S, 19.8 cents; commercial, 30.1 cents; commercial Prop S, 20 cents; personal property, 27.9 cents and personal property Prop S, 20 cents.

However, the city had to set its rates last year based on preliminary assessed valuations in order to meet a Sept. 1 deadline. State legislation has since been approved extending that deadline to Oct. 1.

Final post-Board of Equalization numbers showed a significant reduction in the city’s residential and commercial assessed valuations. Therefore, Crestwood is able this year to levy interim recoupment rates on its residential Prop S and commercial tax rates to capture revenue that was not collected in 2009.

The 2010 tax rates will be adjusted prior to the Sept. 28 public hearing using final post-BOE assessed valuations for this year.