Despite tax-rate rollback, Crestwood to see $40,000 more in general tax revenue

While Crestwood aldermen rolled back the city’s property-tax rates last week, the city will collect a nearly $40,000 increase in revenue from general property taxes and more than $30,000 in increased revenue from taxes to the 2006 ballot measure Proposition S.

Crestwood aldermen voted 5-3 on Aug. 28 to roll back the city’s property-tax rates.

Because of an increase in the city’s total assessed valuation, the Board of Aldermen was required to roll back the tax rate.

Board President Gregg Roby of Ward 3, Ward 1 Alderman Richard Bland and Ward 2 Alderman Chris Pickel cast the three “no” votes against the new tax rates.

Based on city officials’ estimates, the city’s potential revenue ceiling from its general property-tax rate for 2007 is $729,192, nearly $40,000 more than the 2006 revenue ceiling of $689,740.

Additionally, property taxes collected for Proposition S — a seven-year tax increase approved by voters in 2006 to help rid the city of $2 million in debt and a $1.5 million line of credit — are estimated to bring in up to $579,178 for 2007, more than $30,000 up from the $547,408 ceiling in 2006.

The residential property-tax rate for 2007 will be 20.4 cents per $100 of assessed valuation, which is down from the 2006 level of 24 cents per $100 of assessed valuation.

As for commercial property, the 2007 tax rate is 24.9 cents per $100 of assessed valuation, down from last year’s level of 26.3 cents per $100 of assessed valuation.

Personal property in Crestwood will be taxed at the same rate, which is 27.9 cents per $100 of assessed valuation.

The 20-cents-per-$100 property-tax increase approved by voters with Proposition S will now lessen to 17 cents per $100 of assessed valuation for residential property and 19 cents per $100 of assessed valuation for commercial property.

Personal property in Crestwood still will be taxed at the same rate of 20 cents per $100 of assessed valuation for Proposition S.