The tax rate for the St. Louis Community College district will be decreased per $100 assessed valuation. The SLCC Board of Trustees Aug. 30 approved a rate of 20.03 cents per $100 valuation for 2007, a decrease of more than 10 percent from last year.
The tax rate is based on the assessed valuation of property in the community college district, which includes St. Louis City and County and portions of Franklin and Jefferson counties. Information received from the St. Louis County collector of revenue, the St. Louis City assessor, and the county clerks of both Franklin and Jefferson counties indicates that the assessed value increased from approximately $25.07 billion last year to about $28.96 billion for 2007. The 20.03-cent property tax rate will generate more than $50 million.
Assessed valuations increased by more than 15 percent; the college is allowed only to increase its property tax revenues by the lower of actual growth, the rate of inflation, or 5 percent.
The college cannot raise the tax rate higher than 24 cents without voter approval.
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