Council reviews preliminary 2025 tax-rate ordinance as reassessment and senior-tax-freeze uncertainties remain

City finance staff reminded the council that the tax-rate ordinance presented for first and second reading contains preliminary numbers because 2025 is a reassessment year and many valuations were protested to the county board of equalization. Finance staff said final assessed valuations typically arrive from the county around Sept. 15; until those final numbers are in, the city cannot set its final tax rate. The staff indicated it expects assessed valuation to decline as a result of protests but did not provide final numbers at the meeting. During discussion staff explained the local legal framework for tax-rate adjustments: under the Hancock Amendment the city’s tax rate changes are constrained, and annual increases in the city tax rate are limited by the consumer-price-index adjustment the Missouri State Tax Commission publishes plus new construction. Council members asked about a proposed county-level senior tax-freeze program; finance staff said officials remain uncertain how that program will affect tax revenues and that staff and county officials are still seeking guidance. The council approved the measure to move to the third and final reading at a future meeting; staff flagged the need to replace preliminary assessed valuations with final numbers from the county board of equalization before final adoption.