West Newsmagazine 10-11-17

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October 11, 2017
WEST NEWSMAGAZINE
Residents get a break: Rockwood lowers 2017 tax levy
I SCHOOLS I 19
By JESSICA MESZAROS
At its Sept. 28 meeting, the Rockwood
Board of Education passed the school district’s
2017-2018 fiscal year tax rate.
As approved by the Missouri state auditor,
the rate sits at about $4.5015, which is
a decrease of about 16.63 cents from the
last fiscal year’s rate of about $4.6678. The
debt service levy is set to remain at 68
cents and the district’s operating levy will
be about $3.8215.
The 2017 tax levy is the lowest the district
has seen since 2012-2013, when the
calculated increase raised the rate from
$4.4630 to $4.5357.
According to a presentation by Rockwood’s
Chief Financial Officer Paul
Northington, the district’s 2017 assessed
valuation, less new construction and
improvements, increased about 7.84 percent
from 2016. It increased about 8.77
percent with new construction for a total
of about $3,724,290,340. The increase in
assessed valuation also was greater than the
consumer price index [CPI], thus resulting
in the 16.63 cent decrease in the tax rate.
The Missouri state auditor provides
forms every year that districts must use to
calculate the updated tax rate. If the district’s
assessed valuation increases by more
than the CPI, the tax rate will decrease.
District homeowners with an average
assessed property value of $250,000 will
see an estimated decrease from last year
totaling about $78.99, assuming that the
property’s value did not fluctuate between
years. The district’s online tax calculator
can help homeowners estimate their
expected taxes.
Reductions in property valuations can
result in significant losses for districts as
large as Rockwood; however, the district
is allowed to recoup any lost funds over
a three-year period with the state auditor
office. From 2007 to 2016, the reduction
in assessed valuations across the district
totaled about $38.1 million and created a
loss of district tax revenue. The district’s
plan is to include 4.93 cents in the tax rates
for 2017, 2018 and 2019 to recover lost
revenue. An additional 10.17 cents also is
set to be recouped in 2017 for second- and
third-year installments of the 2016 and
2015 cases.
Rockwood’s Board of Education listens to a tax-levy presentation prior to voting on the matter
on Sept. 28.
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