Mehlville Board of Education holds annual tax-rate hearing Tuesday

Mehlville Board of Education holds annual tax-rate hearing Tuesday

Due to higher-than-expected assessed valuation, the Mehlville Board of Education will consider rolling back tax rates when it meets for its annual tax-rate hearing Tuesday.

The board will meet to set the tax rates at 6 p.m. Tuesday, Sept. 26, at Bernard Middle School at 1054 Forder Road in Oakville. Members of the public are able to sign up to speak during the tax-rate hearing.

The board’s first listening session of the year will follow the tax-rate hearing.

The board will consider a recommended blended tax rate of $4.14 per $100 of assessed valuation, or AV, a decrease of 13 cents from last year. The blended tax rate is not levied, but used for state calculations.

Assessed valuation, which was not finalized until recently, grew 6 percent in the district while the consumer price index, or CPI, only went up 2.1 percent. Under the Hancock Amendment, that means the district has to roll back its tax rates even if assessed valuation increased.

Not counting new construction, residential assessed valuation went up 6.6 percent, commercial AV went up 4.9 percent, agricultural AV went down 1 percent and personal property AV went up 0.4 percent.

Tax revenue will increase about $1.9 million to $73 million, according to information the district published in advance of the meeting. That is $280,000 more than the district planned for in the $115 million 2017-2018 school year budget approved by the board in June.

That budget had a surplus of $1.3 million, which means with higher assessed valuation this year’s budget surplus would now top $1.5 million.

Much of the higher assessed valuation comes from new construction, which totals $11.2 million compared to $7.2 million last year.