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Parkway “Rolls Back” Tax Rate for 2005
September 2005Parkway residents will see the largest reduction in the residential property tax rate in 18 years. The board of education approved a reduction of 15.68 cents in its residential property tax rate at its August 24 meeting. The reduction, often called a “rollback,” comes as a result of rising property values in the district combined with a state law (Hancock Amendment). Hancock requires that taxing bodies do not receive any more than an inflation-level revenue increase when property values rise due to reassessment. The current residential tax rate of $3.6102 will be lowered to $3.4534 for each $100 of assessed value in the district. Parkway’s 2005 residential tax rate remains one of the lowest in St. Louis County and is $1.04 below the 2004-05 county average of $4.49. For more information about the Parkway Board of Education and its meetings and policies, visit the web site at http://www.pkwy.k12.mo.us/boe/boe.cfm.