The Kirkwood School District Board of Education presented its property tax rates for 2021-2022 at a special meeting on Monday evening, September 20. The residential property tax rate is the lowest in almost 30 years.
CFO Mike Romay reminded council that just over 90% of the district’s revenue is funded by local property taxes. In 2020, the Kirkwood School District accounted for approximately 55% of the total property tax bills for Kirkwood residents.
Romay said 2021 is a reassessment year, the property valuation has increased. Due to the Hancock Amendment, the district can only increase revaluation taxes by 1.4% this year and, as a result, the rates have gone down.
The residential property rate stands at $ 3.5808 per $ 100 of appraised value. This means that a resident whose home is valued at $ 300,000 would pay approximately $ 2,041 in property taxes.
The commercial ownership rate is $ 5.1685 per $ 100. The personal property rate is now $ 5.2495 per $ 100. The agricultural rate is 0.9634 cents per $ 100 of assessed value.
This year, the district will also be allowed to recover $ 401,407 of income that was withheld from assessment adjustments and refunds made for the 2019 and 2020 tax years.
The district also set the rate of the debt service tax at 27 cents per $ 100 of assessed value. The debt service tax rate is a separate tax rate based on the amount needed to pay principal and annual interest owed on general district bonds. The district expects to receive $ 4,727,671 from the debt service tax collection this year.
A recommendation will be made at the regular board meeting on September 27 to set the rates.