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Parkway Voluntarily Rolls Back its Tax Rate 57 Cents

The Parkway Board of Education approved a 57-cent voluntary roll back of its 2007 residential tax rate to $3.23.
Property assessments have increased dramatically this year, with the average homeowner in Parkway facing an 18 percent increase in the market value of their home.
“We know this is the right thing to do for our community. Without a voluntary roll back, Parkway residents would face a 32 percent tax increase this year,” said Dee Mogerman, board president.
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 Proposition R – a 37-cent increase – in November 2006, the district is not required to roll back its tax rate this year and could have levied a rate of up to $3.80.
“We are confident that this tax rate will provide the district financial stability, while limiting the impact to the taxpayer,” says Wes Garton, chief financial officer. “It will guarantee all of the instructional improvements we promised with Proposition R, and a tax rate consistent with that promise, despite significant reassessment increases.”
“Parkway’s residential tax rate will actually decrease by 20 cents instead of increasing by 37 cents from the passage of Proposition R,” said Garton.
The Parkway Board of Education approved the tax rates at its meeting on August 29, 2007. Each year by September 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.
Parkway’s 2006 residential tax rate was the sixth lowest of the 23 St. Louis County school districts.
Residents can access an assessment calculator to get an estimate of their 2007 Parkway taxes, and links to more information at  www.pkwy.k12.mo.us/rollback