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The current city ad valorem tax rate is: $1.1398 per $100.00 of assessed valuation.
General Fund (inc Public Safety Tax): 67.00 centsParks & Recreation Fund: 20.00 centsHealth Fund: 21.95 centsMuseum Fund: 5.00 centsTotal: $1.1395
Buchanan County has set the assessed value of a residential property at 19% of its fair market value. The City’s tax levy is taken times this assessed valuation. So, for example: An individual who owns a home with an actual value of $100,000 would pay the following to the City: $100,000 x 19% = $ 19,000 assessed valuation. $19,000 divided by $100 = $ 190.00 x $1.1398 = $216.56 (City Real Estate Property Tax)
8.7%. There are also some additional jurisdictions within the City of St. Joseph assessing sales taxes. For a breakdown, please see
- Individual Funds’ CIP projects (these projects include certain smaller Street projects, some Park improvements, Sewer improvements, basically any capital project paid for out of a specific fund’s dollars).- CIP Sales Tax Projects (projects paid for out of the one-half cent capital improvements sales tax).
Large Sewer CIP projects are financed by revenue bonds approved by a vote of the citizens as well as through bonds approved through development boards. The annual bond payments are included in the overall rates charged to customers.
Several years ago, improvements to the Parking Garages, Health Department, Parks Department facility, and Landfill facility were financed using PBA (Public Building Authority) issued bonds. Annual payments are authorized from the existing revenue streams of the funds in which the improvement occurred.
By State statute, the City is permitted, by vote of 2/3rds majority, to incur General Obligation (GO) debt in the amount not to exceed 20% of the assessed value of the City.
In order to be sure that monies received are spent as legally required the City sets up different Funds (like separate bank accounts) to keep track of where the money comes from and how it is spent. This is verified every year during an audit by independent, outside auditors.