Cape property tax rates to increase slightly; downtown business district levy to decrease

Cape Girardeau residents will pay slightly higher city property-tax rates this fiscal year.

The city council approved the first reading of an ordinance Monday that sets the property-tax levies. But city finance director John Richbourg said Tuesday those rates will be adjusted as a result of final assessment figures provided by Cape Girardeau County government.

The final tax rates per $100 assessed valuation, which will be voted on by the council later this month, set the tax rates at 30.37 cents for the city’s general fund, 5.69 cents for the health fund and 66.99 cents for the Downtown Special Business District.

The general fund and health fund tax rates will increase less than a cent over the current rates, Richbourg said. The special business district levy will decrease a few cents.

According to Richbourg, the owner of a house valued at $200,000 will pay a city real estate tax of $137.02, compared to $136.57 a year ago. Residents would pay $12.02 for each $10,000 of personal property they own, compared to $11.98

last year.

Richbourg said tax rates are increased or decreased annually based on changes in assessed valuation as spelled out in state law.

The tax levies for the general and health funds have increased because of a slight drop in the base assessed value, he said. State law allows property tax rates to be adjusted to bring in the same amount of revenue from the base assessed value as was received the previous year.

The business district tax rate decreased because of a 3.2 percent increase in the base assessed value in the district, Richbourg said.

Property taxes generate little of the city’s revenue. Most of the city’s revenue comes from sales taxes.

Real-estate and personal-property tax revenue is projected to generate about $1.84 million for the city’s general fund this fiscal year, Richbourg said.

According to the fiscal 2017 city budget, the health fund levy is expected to generate more than $335,000. The special business district levy is expected to generate about $27,000.

mbliss@semissourian.com

(573) 388-3641

Pertinent address:

401 Independence St., Cape Girardeau, Mo.