The Rockwood Board of Education approved the 2019-2020 tax rate at its September 26 meeting. The rate, approved by the Missouri State Auditor, is $4.3463. This is a decrease of 20.76 cents from last year’s tax rate of $4.5539. The operating levy will be $3.6663, and the debt service levy will remain at $0.68 cents.
The taxpayer who owns a home with the value of $250,000 will see a net decrease over the previous year of approximately $98.61. This assumes the valuation of the property did not change.
Rockwood Chief Financial Officer Paul Northington noted that the assessed valuation, net of new construction, increased by approximately $350 million. The increase in assessed valuation across the district translates into a decrease in the tax rate for property owners of the Rockwood School District. Each year the Missouri State Auditor (SAO) provides forms that districts must use to calculate the tax rate. If the assessed valuation increases by more than the consumer price index, the tax rate will decrease. This is commonly referred to the Hancock Amendment.
Northington further noted that the increase in assessed valuation and the ability to lower the tax rate fits nicely into the newly adopted strategic plan - The Way Forward. The Way Forward cultivates an environment of efficient and effective business operations, and maintains fiscal responsibility by supporting a balanced budget.