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STLCC Board of Trustees Approves property Tax Rate

September 02, 2008

The tax rate for the St. Louis Community College district will be increased slightly per $100 assessed valuation. At its Aug. 26 meeting, the STLCC Board of Trustees approved a rate of 20.13 cents per $100 valuation for 2008. The rate is up from 20.03 cents 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 by 1.70 percent, from approximately $28.96 billion last year to about $29.45 billion for 2008. The 20.13-cent property tax rate will generate nearly $60.9 million for the college, up from $58.1 million last year.

The college is allowed only to increase its property tax revenues by the lowest of actual growth, the rate of inflation, or 5 percent. Because of Hancock Amendment limitations, the college cannot raise the tax rate higher than 24 cents without voter approval.