The Wright City R-II School Board met during a special session Aug. 18 to set the district’s new tax rate at $4.3471 per $100 assessed valuation and approve the estimate of required local taxes.The …
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The Wright City R-II School Board met during a special session Aug. 18 to set the district’s new tax rate at $4.3471 per $100 assessed valuation and approve the estimate of required local taxes.The district saw an overall increase in assessed valuation and submitted to the state an approval for the operating levy to be set at $3.1470. Adding the debt service levy, the figure equates to $4.3470.Last year the levy was set to $3.1259 and adjusted to $3.1102.“When setting the tax rate, all numbers are known numbers sans one — the estimated current year revenue from state assessed property,” explained Superintendent David Buck. “We estimated it to be flat, but the figure will not be known until December.”Much of the increase in total assessed valuation is driven by a very large number of new construction projects and a rise in personal property. When those figures are removed, the district actually decreased in assessed valuation by 1.169 percent.Furthermore, the assessed valuation on state assessed property dropped 5.42 percent, which was the eighth largest drop in Missouri. Those types of assessments are railroads, utilities or commercial airlines.“The state assessor’s office stated that a large increase in what is known as CWIP (construction work in progress) for locally assessed market value for companies that are state assessed causes the state market value that is distributed to all counties to go down to compensate,” explained the district in a statement.The biggest dollar amount drop was Ameren Missouri, which dropped over $2 million in assessed value, from $26,619,678 to $24,574,711.Buck says he questioned Ameren on the origin of the decrease, receiving the following response.“It appears the main driver for the largest amount of the decrease in distributable property is the change year over year in the locally assessed property. The locally assessed market value gets deducted from the system market value to determine the state distributable value to the counties.”Again, the greatest impact on this was cited as construction work in progress.Wright City R-II School District
