The City of Chesterfield voted Sept. 19 to hold property tax rates teady for 2012 and is anticipating the tax itself to be dropped altogether by 2016.
The rate of 3 cents for every $100 of assessed valuation is used to pay the debt service for a 1998 general obligation bond issued for parks, according to a Chesterfield Finance Director Brian Whittle. In a memo to the city council, Whittle said that its the same rate Chesterfield residents have paid since 2008.
The rate had previouly been reduced from its original levy of $0.13 for every $100 thanks to increasing valuations for Chesterfield properties, Whittle said.
Whittle estimated that it will bring in $512,699 in revenue. The debt service payment for 2012 is $892,583 with the difference to be made up by the property tax reserve fund, which will leave the fund with a balance of $324,529.
Starting in 2013, Whittle said the property taxes will needed to be partially supllemented in order to cover future debt payments, but would not be significant enough to require raising rates. Councilmember Matt Segal told West Newsmagazine that the tax will be dropped altogether in 2016 when the debt expires.