The Lee's Summit School District Board of Education last week approved a property tax decrease of 11.8 cents per $100 assessed valuation, a decision made possible by an increase in existing property values determined during the 2017 reassessments.
The district tax rate for 2017 will be $5.877 per $100 assessed valuation, down from $5.9957 in 2016. According to the district, the owner of a $191,300 home – the average in the Lee's Summit District – will pay about $43 less in taxes this year.
The decrease also will reduce tax payments for personal property and other properties by approximately 2.11 percent.
Missouri law allows school districts to maintain a consistent property tax funding from year-to-year, so property values go down, tax rates go up, and when values increase tax rates decrease.