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City finance staff: disabled-veteran property exemption not driving multiplier increase
Summary
Sandy explained that the increase in the city’s tax multiplier is driven by a three-year sales-ratio study and market sales prices, not the disabled-veteran exemption; staff will monitor assessor data.
O'Fallon — City finance staff told the Finance Committee that the increase in the property-tax multiplier is not caused by the disabled-veteran exemption but by market-driven changes in assessed values and a three-year sales ratio study.
Sandy told the committee she consulted the county assessor and the state assessor’s office and concluded the disabled-veteran exemption does not directly affect the multiplier calculation. "The disabled vet exemption has no direct effect to that," she said. The multiplier is computed from a multi-year sales-ratio study comparing assessor values to recent sale prices; shifting market prices that outpace assessor values can push the multiplier higher.
Sandy explained the three-year window used to compute the multiplier: the 2024 multiplier uses 2022, 2023 and 2024 sales data; the 2026 multiplier will use 2023–2025. She said the county assessor will provide sales ratio numbers for local review; staff will monitor those figures because some neighborhood entries in the assessor's rolls appeared inconsistent with local market observations.
The committee did not act; the item was an informational follow-up. A member of the public (identified as Vermaire, Ward 3) asked for clarification about which years are included in the multiplier calculation; Sandy confirmed the three-year spans described above.
