Creve Coeur presents proposed 2025 property tax rates; residential and commercial rates proposed to fall

Creve Coeur's finance director presented the proposed 2025 property tax rates and explained why the city is proposing lower operating rates despite rising assessed valuations.

Laurie Obermiller said the city’s assessed valuation increased about 12% in the reassessment year and that, because revenue growth beyond the allowed CPI (2.9% for 2025) requires rates to be rolled back, staff proposed decreasing the residential rate from 0.068 to 0.062 per $100 of assessed value and the commercial rate from 0.078 to 0.071. "This is a reassessment year, so most cities typically see a big change in the assessed valuation," Obermiller said, noting that nearby cities reported increases between 10% and 19.5.

Obermiller also said the debt service levy is proposed to remain at 0.082 per $100 and that the city used a defeasance strategy in 2022 to avoid a rollback on the debt levy. She noted the city's general fund is approximately $18.4 million and that property tax revenue makes up a small portion (roughly 4.6%) of that total.

Why it matters: Even with rate decreases, rising assessed valuations can increase residents’ bills; staff emphasized the proposed rates are preliminary and could change after board of equalization adjustments later in August/September.

Public hearing and next steps: The public hearing was held and staff entered exhibits into the record (public notice, staff report, City Code). Obermiller said the council will likely revisit the ordinance for final reading after board of equalization adjustments at the September meeting.