The leader of the Missoiuri Senate warns taxpayers to look at somethiung other than their property tax rate this month. Senator Michael Gibbons of Kirkwood thinks some local taxing districts are picking taxpayer’s pockets every other year when property is reassessed. If a taxing district is at its tax limit, reassessment cannot increase tax income to the district beyond the level of linflation. But if a taxing district is below that limit, it can take in far more from increased assessments—without changing the tax rate. He points to his home county which held its tax rate at the same level for several years, but which increased property valuations by 14 percentd, giving residents an effective 14 percent property tax increase.
Gibbons says August is the month when local taxing districts set their rates. He suggest taxpayersd look at the increased assessed valuation of the property int hat district to determine whether they’re getting a tax increase–even dif the rate is unchenged.
A joint legisaltive committee is considering tax issues and might have recommendations for the 2008 legisaltive session.