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Republic CFO explains Hancock Amendment limits as proposed property tax rates fall slightly
Summary
At a city workshop, CFO Bob Ford explained how the Hancock Amendment caps growth, calculated the city's adjusted assessed value and proposed 2025 property tax rates, and reported an expected $2.3 million in property tax revenue for fiscal 2026.
Bob Ford, Chief Financial Officer for the City of Republic, reviewed the city's property-tax levy calculation process at a workshop and explained why the city's permitted tax rate per $100 of assessed value can fall even when overall tax revenue grows.
Ford said the Hancock Amendment to the Missouri Constitution limits the permitted growth in property-tax revenue to the smaller of (1) the change in assessed value for the same basket of property year over year, (2) the Consumer Price Index (CPI) or (3) 5 percent. For the year discussed, the state-defined…
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