Politics & Government

Chesterfield's Property Tax Rate Could Disappear in Three Years

The city held a public hearing Aug. 5 on the proposed rate for 2013 of 3 cents per $100 of assessed valuation.

After falling from its peak during the economic recession, Chesterfield's assessed valuation has slowing been growing and now city officials are expecting to retire the city's property tax altogether after 2015. 

On Monday, the city council held a public hearing on its proposed property tax rate for 2013, which is three cents per $100 of assessed valuation, according to a report on STLtoday.com. A final vote on the rate is expected Aug. 19. 

The money generating by the tax goes toward paying off a parks general obligation bond approved by voters in 1994 that was refinanced at $5.255 million in 2000. 

The tax rate started at 13 cents but has been falling since then, reduced to 10 cents in 2000 and then six cents in 2001. It has stood at three cents since 2008. 

City Administrator Michael Herring crunched the numbers during the public hearing and said that at this rate, the city expects to pay off the bond completely by 2015, the article stated. 

Herring also predicted that the surge of development in Chesterfield Valley, led by construction of two outlet malls, could mean the city may soon surpass it's 2008 peak of $1.94 billion in assessed valuation.  

It currently stands at $1.5 billion, the highest in St. Louis County. 


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