Tax Levy 2023 Public Hearing September 5, 2023
Real Estate Tax Levy – Public Hearing • City’s Process to Set Levy
• Property Tax Limitations • Assessed Values & Limit Factor • Levy 2023 • Appeals • Tax Levy Rate Comparison 2022-2023
City’s Process to Set Levy • Can only set levy for what has already been authorized by voters • Must hold a public hearing at least 7 days prior to setting levy • Final Assessed Valuation Received from Jackson County by 9/11 • The Missouri Auditor’s Office provides a pro forma calculation for the city to utilize to calculate the tax levy
Property Tax Limitations Hancock Amendment Local government tax limit and voter approval provision
If the assessed valuation of property, excluding new construction and improvements, increases by a larger percentage than the Consumer Price Index, then a "rollback" of the tax rate is required to yield the same amount as would have been received from the levy on the prior assessed value.
District Parcels & Appeals Total Appeals
• Residential Addresses saw an average increase in assessments of 30%. • This resulted in 8,132 appeals (residential & commercial), or 16.5% of all district parcels
Active Appeals • As of 8/24, there were still 4,028 active appeals, or 49.5% of appeals filed.
Closed Appeals
• 4,104 appeals have been closed • 294 have been withdrawn • 3,021 are stipulated with 820 board decisions
Comparison 1 100k Assessed Value & 30% Increase Market Value 2022
2023
Market Value Total
100,000
130,000
Taxable Value Total
19,000
24,700
Assessed Value Total
19,000
24,700
Taxes Paid to COI
$115.12
$114.11
General Revenue
0.4119
0.3141
Health
0.1940
0.1479
0.6059
0.4620
Incr/Dcr
($1.01)
Comparison 2 Actual House on Market for $190,000 Market Value 2022
2023
Market Value Total
122,000
166,340
Taxable Value Total
23,180
31,605
Assessed Value Total
23,181
31,604
Taxes Paid to COI
$140.45
$146.01
General Revenue
0.4119
0.3141
Health
0.1940
0.1479
0.6059
0.4620
Incr/Dcr
$5.56
Comparison 3 100k Assessed Value & 36.3% Increase Market Value 2022
2023
Market Value Total
100,000
136,300
Taxable Value Total
19,000
25,897
Assessed Value Total
19,000
25,897
Taxes Paid to COI
$115.12
$119.64
General Revenue
0.4119
0.3141
Health
0.1940
0.1479
0.6059
0.4620
Incr/Dcr
$4.52
Comparison 4 100k Assessed Value & No Increase Market Value 2022
2023
Market Value Total
100,000
100,000
Taxable Value Total
19,000
19,000
Assessed Value Total
19,000
19,000
Taxes Paid to COI
$115.12
$87.78
General Revenue
0.4119
0.3141
Health
0.1940
0.1479
0.6059
0.4620
Incr/Dcr
($27.34)
Breakdown by Taxing Jurisdiction
Disabled Services Independence School Mental Health Mid-Continent Library
COI Jackson County Metro Junior College State Blind Pension
Questions?