The city of Union is planning to keep its property tax levy rate unchanged for the 2020-21 budget year.
The rate of 71.02 cents per each $100 of assessed property valuation that was introduced at the board of aldermen’s Monday, Aug. 10, meeting is the same as the 2019 rate.
The 2020 tax rate is broken down to 57.24 cents going to the general fund and 13.78 cents going to the park fund.
A public hearing on the tax rate, required by Missouri law, is scheduled for a special meeting at 6 p.m. Monday, Aug. 24, at the new city hall, 10 E. Locust St.
The tax rates are based on the latest assessed valuation figures provided by Franklin County. Tax rates are set annually for the city’s general fund and the park fund.
Union estimates real estate taxes will generate $169,192,118. Personal property taxes are expected to generate $45,449,958. Combined, the numbers total $214,642,076.
Those numbers are an increase over the 2019 figures. Last year, the valuation of real estate was $161,428,764, while the personal property valuation was $40,843,765, for a total of $202,272,529.
The 2019 numbers were a large increase over 2018, when the valuation for real estate was $148,656,722 and personal property was $39,638,705 for a total of $188,295,427.
The rate set in 2019 was lower than that of 2018, when Union had a breakdown of 58.68 cents for the general fund and 14.13 for the park fund.
Last year, then-City Administrator Russell Rost said the increase in real estate valuation was likely the reason the tax rate went down. He said the jump was one of the biggest he had seen in his more than a decade with the city.
The rate is set to generate revenues for the budget year beginning July 1.