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Parkway Rolls Back Tax Rate 57 Cents; Prop R Initiatives Still Fully Funded
On August 29, the Parkway Board of Education approved a 57-cent voluntary roll back of its 2007 residential tax rate—to $3.23.*****
Mogerman is referring to the fact that property assessments have increased dramatically this year. The average Parkway home’s market value increased by 18 percent, according to St. Louis County data.Typically, the district is required by law to roll its operating tax rate back to keep revenues equal to the inflation rate during reassessment years. Because Parkway voters approved Prop R, the district was not required to roll back its tax rate and could have levied a rate of up to $3.80.
With the reduced residential rate, the average homeowner’s property taxes will increase by 11.94 percent or $159 per year. This is consistent with what Prop R requested of voters last fall, and significantly less than the $422 in new taxes residents would have paid without the roll back.
Because of Parkway’s new record assessed value, the lower tax rate will still generate the funds approved by Prop R. It will guarantee smaller class sizes, newer textbooks and instructional equipment, more technology in the classrooms and a heightened emphasis on basic reading and math skills.