During its annual tax rate work session Monday, the administration presented Kirkwood School Board members with two scenarios for setting the 2012 tax rate.
Both scenarios slightly lower the rate on residential property within the district, but one ups the rate on commercial and personal property taxes. The current school tax rate for residential property is $4.2878 per $100 of assesed value which is about a .
The Kirkwood School District provides the following information to residents on its website.
In Scenario 1 the tax rates will generate $830,000 in new revenue at the 96 percent collection rate. The $830,000 increase is attributed to new construction within the District and increases in the commercial and personal property tax rates. (The commercial tax rate would increase $0.0535 and the personal property tax rate would increase by $0.1261.) The proposed residential tax rate in Scenario 1 is $4.2862, which is $.0016 less than the current rate.
In Scenario 2 the tax rates will generate $262,516 in new revenue at the 96 percent collection rate. The majority of the $262,516 increase is attributed to new construction within the District. The proposed residential tax rate in Scenario 2 is $4.2793 and includes debt service, which is .0085 less than the current rate.
A tax rate hearing will be held on Monday, at 6 p.m. in the cafeteria at . The Board will vote on the tax rate at its regular meeting on Monday, September 24 at 7 p.m. in the Administrative Services Conference Room.