A public hearing for the city's 2012 property tax rate was held Monday night's Board of Aldermen meeting.
Currently, residents in Town and Country do not pay a city property tax. Each year, cities across St. Louis County have to set their property tax rates.
The city is once again proposing to maintain Town and Country's current property tax rate at zero.
According to City Financial Director Betty Cotner, the city's finance commission voted again for a zero cent property tax due to the amount of funds in the city's reserves which is currently approximately $18 million. The city could have imposed a tax rate as high as 50 to 60 cents per $100 assessed valuation on all residential and commercial personal property, Cotner explained.
"Because we have a healthy reserve and it didn't seem prudent to levy a tax when we have a healthy reserve," Cotner said.
The rate that is set this year, will be the city's ceiling rate for next year because it can only raise the tax rate on non-assessment years and next year is a reassessment year.
The city's property tax rate has been zero percent since 1996, according to City Clerk Pam Burdt. (See the PDF portion of this article for specific information on these tax rates.)
Also Monday, aldermen voted unanimously to approve an amended final site development plan for . As previously reported by Patch,
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