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Lee's Summit, MO —
The Lee’s Summit Board of Education recently approved a property-tax rollback of 4.71 cents per $100 assessed valuation. The board approved the 2012-13 tax levy during its annual tax-rate hearing Sept. 20.
According to the Missouri Constitution, the amount of money a school district can gain from property value increases is capped. The cap is based on a formula that includes assessment growth and requires that school districts use the lowest of several factors for the cap. In the case of the Lee’s Summit School District, the cap used was the growth in assessed value, which totaled 0.1840 percent compared to the Consumer Price Index, which totaled 3 percent.
With the rollback, the Lee’s Summit tax rate will be $6.0579 per $100 assessed valuation.
The Lee’s Summit Board of Education recently approved a property-tax rollback of 4.71 cents per $100 assessed valuation. The board approved the 2012-13 tax levy during its annual tax-rate hearing Sept. 20.
According to the Missouri Constitution, the amount of money a school district can gain from property value increases is capped. The cap is based on a formula that includes assessment growth and requires that school districts use the lowest of several factors for the cap. In the case of the Lee’s Summit School District, the cap used was the growth in assessed value, which totaled 0.1840 percent compared to the Consumer Price Index, which totaled 3 percent.
With the rollback, the Lee’s Summit tax rate will be $6.0579 per $100 assessed valuation.
