SPS Board Approves 2014-15 Tax Rate

By KOLR10 News

Published 08/27 2014 04:56PM

Updated 08/27 2014 05:37PM

SPRINGFIELD, Mo. – During a meeting on Tuesday, Springfield Public Schools approved the 2014-15 tax rate, increasing property taxes by about $30 on a home valued at $100,000.

According to the Springfield Public Schools website, the Board approved a tax rate of $1.9902 for the General Fund, $1.5717 for the Teacher Fund, and $.51 for the Debt Service Fund. The total levy will be $4.0719 per $100 of assessed valuation.

According to SPS, the 2014 calculated levy reflects the requirements of the state's tax levy calculation which takes into account several data points including assessed values, the consumer price index, the voter approved increase and HB 506.

HB 506 allows taxing authorities that passed a voter approved increase to levy a rate that is the greater of the increase approved by voters or the adjusted voter approved increase in order to generate substantially the same revenue that would have been generated by applying the voter approved increase to the total assessed valuation at the time of the voter approval, increased by the consumer price index.

The impact of the change in levy rate on property taxes will be an increase of $30.86 on a home with a value of $100,000.

In April 2013, a $0.20 levy, to be phased in over a two year period, was approved by vote of the public. The phase in was $0.10 in 2013 and $0.10 in 2014.

The Board is required by Section 164.011 RSMo to annually prepare and file with the County Clerk by Sept. 1, an estimate of the amount of money to be raised by taxation. Prior to the Board's approval, a public hearing was held as required by Section 67.110 RSMo.

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