Eureka Tax Rates Lowered
Within a still sluggish economy, Eureka Mayor Kevin Coffey and board of aldermen voted to voluntarily lower the tax rates residents will pay—making the city one of only a few taxing districts taking that step.
Eureka residents will receive a bit of a tax break, based on actions taken by Eureka board of aldermen and Mayor Kevin Coffey at the Sept. 18 board meeting. City officials first convened a public hearing that evening, but no residents attended to speak about the matter.
"Per Missouri law, we are lowering all levels of tax rates considerably lower," said Coffey. "It's a fiscal policy we adopted a few years ago, and we are one of only a few taxing districts to do that."
Tax rates are determined by dividing the amount of revenue required by the current assessed valuation. The result is multiplied by 100 so tax rates are expressed in cents per $100.
Residents' personal property tax rate now will be 38.9 cents per $100 assessed valuation. Aldermen also voted to set the residential, agricultural and commercial tax rate at 39 cents per $100 assessed valuation.
A snapshot of Eureka's tax rates includes:
STATE AUDITOR'S ALLOWED TAX RATES
|EUREKA'S 2011 TAX RATES||EUREKA'S FUTURE/ ENACTED TAX RATES|
|Personal Property: 38.9 cents||38.8 cents||38.9 cents|
|Residential Property: 46.4 cents||46.3 cents||39 cents|
|Agricultural: 61.4 cents||42.9 cents||39 cents|
|Commerical: 46.1 cents||45.7 cents||39 cents|
Tax revenue of $889,500 is planned for the city's 2012 fiscal budget. The amount of tax revenue assessed was $1,002,976.