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Parkway "Rolls Back" 2005 Residential Property Tax Rate

At its August 24 meeting, the Parkway School District Board of Education approved a reduction of 15.68 cents in its residential property tax rate. It is the largest single year reduction in Parkway since 1987. 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.