Rockwood School Board Approves Slight Increase in 2022 Tax Levy
The Rockwood Board of Education approved the 2022-2023 tax rate at its Sept. 29 meeting. The rate, approved by the Missouri State Auditor, is $4.1483. This is an increase of 2.31 cents from last year’s tax rate of $4.1252. The operating levy will be $3.4683, and the debt service levy will remain at $0.68.
The taxpayer who owns a home with the value of $250,000 will see a net property tax increase over the previous year of approximately $10.97. This assumes the valuation of the property did not change.
Rockwood Chief Financial Officer Paul Northington noted that the 2022 assessed valuation, minus new construction and improvements, decreased .0109 percent from last year’s assessed valuation. Overall, with new construction and improvements, the assessed valuation increased 3.1 percent. The decrease in assessed valuation, minus new construction and improvements, permits the school district to adjust the tax rate, which resulted in an 3.98-cent increase in the tax rate this year.
In addition, the recoupment rate for prior year settlements – decided by the State Tax Commission and the State Auditor’s calculation – is 1.67 cents. Adjustments for the decrease in assessed valuation, net of new construction and improvements and the recoupment rate resulted in an overall increase of 2.31 cents this year. Even with the slight increase, Rockwood’s current tax rate is still 15.02 cents lower than it was in 2020-2021.
Rockwood’s strategic plan, The Way Forward, cultivates an environment of efficient and effective business operations and maintains fiscal responsibility by supporting a balanced budget.
Rockwood Superintendent Dr. Curtis Cain thanked the Finance Department for its continued strong stewardship of the district’s finances, noting that Rockwood is the only school district in the state of Missouri that currently holds all three distinctions of a top AAA rating from S&P as well as the Meritorious Budget Award and Certificate of Excellence in financial reporting from the Association of School Business Officials International.