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Parkway's Tax Rate is Lowered by 2.6 Cents

The Parkway Board of Education unanimously approved the 2006-2007 residential tax rate at $3.4270. This is a decrease of 2.6 cents from last year's tax rate of $3.4534. Each year by September 1, public school districts are required to adopt the current years tax rate according to calculations prescribed by the State Auditors office. On August 30, Parkways 2006-07 residential tax rate was set at $3.43, which is a decrease of 2.6 cents from last year. This year's decrease was primarily due to property tax appeals made last year. Through the St. Louis County property reassessment process, school districts must adjust their tax rates to ensure that, over time, their operating revenues from reassessment do not increase more than roughly half the rate of inflation. Over the past 10 years, for example, Parkways residential tax rate has decreased more than 38 cents. This has resulted in a 13.8 percent increase in revenue while inflation has grown by 26 percent (nearly twice that amount). Parkway's 2005-06 residential tax rate is the fourth lowest of 23 St. Louis County school districts and is 92.62 cents below the 2005-06 county average of $4.3532.