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Kirksville finance director: reassessment push, CPI cap mean proposed levy drops to 0.6692
Summary
Finance Director Lacey King told the Kirksville City Council at a study session that the city’s proposed 2025 tax levy would fall to 0.6692 from last year’s 0.6902 because statewide reassessment raised overall taxable values and state law limits allowable levy increases to the lesser of assessed-value growth, the consumer price index or 5 percent.
Finance Director Lacey King told the Kirksville City Council at a study session that the city’s proposed 2025 tax levy would fall to 0.6692 from last year’s 0.6902 because statewide reassessment raised overall taxable values and state law limits allowable levy increases to the lesser of assessed-value growth, the consumer price index or 5 percent.
King said, “We're required to have the tax levy set by September 1,” and explained the arithmetic the city uses to arrive at a levy that will generate “substantially the same amount of tax revenues.” She said the state-set consumer price index of 2.9 percent is the governing cap this year.
Why it matters: a higher assessed base can let the city collect the same revenue at a lower levy rate, but it also has drawn public concern because many homeowners received notable assessment increases. King said the city’s total assessed value rose by “roughly $15,000,000” year over year and that many homeowners received notices indicating roughly 10 to 12 percent increases from the assessor.
Council discussion included concerns about volatility and transparency in reassessments. King recommended attending an upcoming state interim committee meeting on property tax reform in Macon, saying she would “see what they're hearing, what their plans are” and report back. She also noted a recent state bill that allows counties to create a senior-citizen tax abatement process, but said Adair County commissioners had not yet acted on it.
Next steps: King said the city will present the levy recommendation at the next council meeting and hold a public hearing. She told the council, “The tax levy will be presented as Lacey's recommendation on the consumer price index of 2.9% … at that 0.6692.”
Discussion only/directions/formal action: the study session contained discussion and direction; no formal vote was taken. Staff direction: King will attend the state interim committee meeting, gather information, and report back; staff will prepare the levy ordinance and a public hearing for the next council meeting.
Ending: The council will review the formal levy recommendation at its next meeting and accept public comment at that time.
