With Higher Assessed Value, Wentzville to Set Lower Preliminary Tax Rate

At Thursday night's Board of Aldermen meeting, the city will be setting a preliminary tax levy, which is due at the County Collector's office by April 8.

The city's finance department is recommending a tax rate of .8125 (General Fund .7385 and parks .074).

The received preliminary assessed valuations from St. Louis County that reflect an anticipated .6% increase in 2012.

The city's existing 2011 tax levy currently stands at 0.8958 (General Fund 0.8218 and Parks Fund .074), and the proposed rate would be a reduction of .0833 per $100 of assessed valuation.

Because this is a nonbinding levy, the city is not committed to the projected rate. The Finance Department reported that "While the actual reduction to the levy may be as much as .10 per $100, a conservative approach at this time, without final numbers, will allow residents to plan with a lower risk of hardship later if assessed values come in lower than anticipated."

The projected rate has been required by the state since 2008 and is intended to help taxpayers estimate their 2012 tax liability. The actual levy will be set in September, when actual assessment information, as well as sales and use tax revenues are available from the County.