Every year, cities across St. Louis County have to set their property tax rates and it's come time to make that decision in Manchester.
Monday night, Finance Director Dave Tuberty presented a proposal for the 2012 property tax rates to the board of aldermen and pubic during a public hearing on the issue. It appears property taxe rates for 2012 will likely remain the same as 2011 and 2010.
The city of Manchester is proposing the following tax rates:
- 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.
"We can expect that some time in the future that rate will increase to allow us to collect what we need to pay our general obligtion bonds," Tuberty said.
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 could vote on the tax rate at the next Manchester Board of Aldermen meeting on August 20.
The city must submit its property tax rates to the St. Louis County auditor and the state auditor by October 1.