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Board Approves 2004 Tax Rate for Parkway School District

(ST. LOUIS) – At its August 25 meeting, the Parkway Board of Education approved the district's tax rate for fiscal year 2004-05. The new blended rate of $3.638 per $100 assessed valuation reflects an increase of 13.82 cents over the 2003 rate of $3.4998. Each year by Sept. 1, public school districts are required by law to adopt the current year's tax rate according to calculations prescribed by the State Auditor's office. The law provides for limited retroactive adjustments -- increases or decreases -- each year to reflect various changes that may have occurred since the previous year. The rate change can be attributed to a 10-cent increase to Parkway’s debt service rate to pay the interest and principal on its $75 million bond issue approved by voters in April 2004. The remaining 3.82 cent adjustment is required to absorb losses caused by reductions in the assessed values of personal property in the district. This past year, a $29.2 million increase from new construction was more than offset by a $37.1 million decrease in personal property. The overall assessed value of real and personal property in 2004 decreased by $7.18 million, which is down 0.2 percent from 2003. The 2004 rate remains one of the lowest in St. Louis County and is 86 cents below the 2003-04 county median of $4.498.