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Council Agenda Item Cover <br />_______________________________________________________________________ <br />MEETING DATE: <br /> August 25, 2008 <br />AGENDA ITEM TITLE: <br /> Annual Property Tax Rates <br />AGENDA SECTION: <br /> New Business <br />CAN THIS ITEM BE RESCHEDULED? : <br />No <br />BACKGROUND REVIEW: <br />Each year the City must approve property tax rates which are <br />not <br />then submitted to St. Louis County for billing. Calendar year 2008 was a reassessment <br />year and the City is only allowed to receive additional revenue up to the Consumer Price <br />Index (CPI) of 3.9% if growth warrants, and for new construction. The attached rates are <br />very similar to last year’s rates. <br />The new proposed rates on the attached schedules reflect final Board of Equalization <br />changes to the assessed values. These rates will be reviewed by the State Auditor’s Office <br />before the August 25 Council meeting. The Public Hearing and Emergency Reading on the <br />rates is required at the August 25 Council meeting since the finalized rates are due to St. <br />Louis County by September 1. <br />It is recommended that the City levy the pension rate at the same level as last year, while this <br />amount is not completely needed, with the change in property tax law this year the amount <br />levied this year will be the ceiling for next year. If the City reduced the pension levy this year, <br />we could not increase it next year if needed per the actuary’s calculation. <br />2007 Total Residential Property Tax Levy $0.927 <br /> <br />2008 Total Proposed Residential Property Tax Levy $0.922 <br />RECOMMENDATION: <br /> The recommendation is to pass the property tax levy as <br />proposed in the ordinances. <br /> <br />