The Lee’s Summit R-7 School District Board of Education recently approved a property-tax decrease amounting to 11.80 cents per $100 assessed valuation, when compared to the previous year’s tax rate. The decrease in the tax rate was necessary to make up for the increase in existing property values as determined by the county assessor through the 2017 reassessment process.
The Lee’s Summit R-7 tax rate for tax year 2017 will be $5.8777 per $100 assessed valuation. The Board of Education made the decision at its annual tax-rate hearing, held Sept. 28. The district’s rate for tax year 2016 was $5.9957.
For the owner of a $191,300 home (the average for Lee’s Summit R-7), the decrease will result in a savings of approximately $43 on the homeowner’s tax bill due in December 2017. The decrease will also reduce tax payments for personal property and other properties by approximately 2.11 percent.
The Missouri Constitution allows school districts to maintain a consistent level of property tax funding from year-to-year. When property values decrease, the tax rate increases. If property values increase, the tax rate decreases.