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Town and Country continues public hearing on proposed 2025 property tax rates; CFO outlines reassessment impacts
Summary
At the Sept. 8 Board of Aldermen meeting, Chief Financial Officer Joan Jadawi explained how a citywide reassessment constrains any tax-rate increase to 2.9% plus new-construction growth; the board continued the formal levy ordinance to Sept. 22 for final numbers.
Town and Country — The Board of Aldermen on Sept. 8 opened a public hearing on the city’s proposed 2025 property tax rates and continued formal consideration to the board’s Sept. 22 meeting to allow St. Louis County final equalization numbers to be incorporated. Joan Jadawi, the city’s chief financial officer, told the board that because this is a reassessment year the city cannot simply keep last year’s levy number but must limit any increase in tax collections to the consumer price index figure of 2.9 percent plus any revenue from new construction.
Why it matters: The reassessment materially changed assessed values across property classes, which affects both taxpayer bills and the city’s revenue projections. The board postponed final adoption so county final numbers can be used to ensure compliance with the statutory rollback rules and to allow the city clerk to prepare an amended bill if needed.
At the hearing, Jadawi summarized preliminary assessment shifts and a draft rate schedule. She said residential assessed value rose about 15 percent in the city while personal property assessments fell about 5 percent. “In reassessment years, we’re only allowed to increase the amount that we collect after the calculation is done, by 2.9%,” Jadawi said. She added that the draft rates based on pre–board-equalization numbers are 21 cents per $100 of assessed valuation for residential property, 23 cents for commercial property, 23 cents for personal property and 21.9 cents for agricultural property, and that final rates may change after county equalization.
Jadawi warned the board that the 15 percent increase was only for the residential piece and that combined assessed value change was lower; the overall allowable increase for tax collections remains the 2.9 percent CPI adjustment plus a small new-construction factor. The board did not adopt final rates at the meeting; the ordinance establishing the annual levy (bill number 25-41) was continued to the Sept. 22 meeting for second reading after county figures are finalized.
Separately, the board approved a warrant list for city bills in the amount of $574,303.77 during the meeting.
