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and some even decreased.
At the previous meeting, Finance Director Dave Tuberty presented a proposal for the 2012 property tax rates to the board of aldermen.
The city of Manchester is proposed the following tax rates and aldermen voted to establish these rates for 2012 Monday night.
- A tax rate of 4.5 cents per $100 assessed valuation on all residential and commercial property.
- A tax rate of 5 cents per $100 of assessed valuation on all personal property.
- A tax rate of 7.4 cents per $100 of assessed valuation on all residential, commercial and personal property tax in the city of Manchester. (This decreased from 16.1 cents per $100 of assessed valuation in 2011.)
This city's 7.4 cents debt service property tax pays off the outstanding general obligation bonds that were approved by voters when they passed Proposition P in November, 2002. Proposition P authorized the city to borrow $6.5 million to build the new facility. The 2012 7.4 cents debt service rate is expected to raise $257,000 for the city's debt service fund.
The city's 2012 property tax rates (4.5 and 5 cents per $100 of assessed valuation) are expected to generate $158,000 for the city's general fund.
Aldermen will likely vote on the tax rate Monday night because the city must submit its property tax rates to the St. Louis County auditor and the state auditor by October 1.