It's the time of year when municipalities set their property tax rates. KMOX checked in on council meetings across St. Louis County and found common questions over soaring property values and the new senior tax freeze.
Reassessments, which happen in odd years, are showing significant jumps in home values. Kirkwood, for example, saw a 19% increase in residential assessed valuations. Shrewsbury reported properties are up 23%.
Despite the higher values, Missouri’s constitutional Hancock Amendment prevents a tax windfall (or, eye-popping bill increases for homeowners) by capping revenue growth at about 3% this year. This forces towns with rising valuations to lower their rates — or ask voters to approve more.
Shrewsbury Finance Director Dustin Ziebold explained it to aldermen at their recent meeting: "When you see an increase of this substance in your assessed valuation, your rate must come down in order to keep the amount of taxes levied within the Hancock laws."
Shrewsbury also discussed becoming more efficient as a government with the eventual goal of dropping their rate even lower as an actual tax cut.
Layered on top is the still-unknown impact of the senior property tax freeze. Finance directors at the most recent meetings for many municipalities report not yet receiving data on how many seniors are approved for the tax break.
Kirkwood Finance Director Mary Sprung said she's asked the county the same questions council members asked of her. "I have asked several times and have not gotten an answer. My guess is they don't have an answer yet."
It comes as towns from Chesterfield to Olivette make their rate decisions. Also impacted are all of those other taxing jurisdictions which occupy lines on your property tax bill. "Obviously the school district has the same challenge," Kirkwood Councilwoman Gina Jaksetic said.
Brentwood's board of aldermen met this Monday night and unanimously gave final passage to the rates there. But, first, one alderperson asked their Finance Director Michelle DePew: "There've been no comments from the public on this?" "There has been... none," DePew replied.
She added: "If there are any changes we'll bring this back to the board."
Taking revisions back to councils for re-approval because of late data is not unusual. As Town and Country Finance Director Joan Jadali put it, once final figures arrive from the Board of Equalization, "I'll rerun the numbers."
