Crestwood’s tax rate may increase slightly

Three weeks after 72 percent of Crest-wood voters rejected a proposed six-year, 35-cent tax-rate increase, aldermen may consider slightly raising the city’s 2008 tax rate.

The Board of Aldermen is set to vote on that tax rate at 7 p.m. Tuesday, Aug. 26, at the Government Center, 1 Detjen Drive.

A public hearing on the 2008 tax rate also will take place at that meeting.

While no proposed tax rates have yet been set, Crestwood’s general property tax-rate ceilings for 2008 are 20.9 cents for residential property, 28.4 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.

These assessed-valuation figures were supplied by the St. Louis County Board of Equalization, but still must be verified by the Missouri Auditor’s Office.

Additionally, aldermen must decide on the tax rate levied for Proposition S, a property tax-rate increase approved in 2006 by voters as 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 is now roughly $1.48 million as aldermen earlier this year authorized a $525,000 prepayment on that debt.

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 and 17.8 cents on commercial property. The 20-cent tax rate has still applied to personal property.

Ward 3 Alderman Gregg Roby inquired at the board’s Aug. 12 meeting whether the city could raise Prop S back to its 2006 voter-approved rate of 20 cents per $100 in order to sooner retire the city’s debt.