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Lee's Summit sees $168 million assessed‑value gain; tax rate to rise less than a cent
Summary
Finance staff told the committee assessed value rose by about $168 million year‑over‑year — with roughly $119.8 million in new construction excluded from the rate calculation — resulting in a proposed combined levy rate of 4.7391, an increase of roughly 0.008 (under one cent).
At the Sept. 22 Finance Committee meeting, Dr. Herzog previewed the district's tax rate hearing and said total assessed value increased "a little over a 168,000,000" from last year, driven largely by new construction.
He said roughly $119,800,000 of the increase is new construction, which the district excludes when calculating the rate ceiling under the state auditor's methodology. After backing out new construction, Herzog said the adjusted assessed value rise is closer to $40 million, which helps explain why the district's combined tax rate would not fall despite the large nominal increase in assessed value.
Dr. Herzog told the committee the district will hold the debt service levy steady at $0.87 and that the combined operating and other levies produce a proposed total rate of 4.7391, a net rise of about 0.008 in the district's overall rate — "less than a cent increase overall," he said.
Staff said they will present a fuller explanation and take public comment during the formal tax rate hearing at the scheduled board meeting Thursday; committee members noted past years have had no public comments in the hearing.
