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Ritenour Board of Education Sets 2019 Tax Rates

Sept. 26, 2019 – The Ritenour Board of Education set the district’s new tax rate at a special meeting on Sept. 26, 2019.  The residential tax rate was rolled back 64 cents, and the commercial tax rate was lowered by 56 cents per $100 of assessed valuation.  Personal property tax remains unchanged. 

The 2019 tax rates, which include debt service to retire bonds, are listed below:

 

2018 Tax Rate*

2019 Tax Rate*

Change

Residential Real Estate

$5.87

$5.23

-0.64

Commercial Real Estate

$6.16

$5.60

-0.56

Personal Property

$5.43

$5.43

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* Tax rates are per $100 assessed valuation.

Ritenour School District’s Chief Financial Officer Dwight Lindhorst says the 64-cent tax rate decrease results from the total value of real estate in the area increasing by 18.1 percent during the latest reassessment.  Net assessed valuation (residential, commercial and personal property tax rates combined) increased 13.8 percent overall this year.   

“We are excited to see continuing financial improvement in our community,” Lindhorst said.  “State law does not permit school districts to receive more money as a result of reassessment than they received the previous year beyond Missouri’s cost of living index, which is 1.9 percent this year.  So, when the total value of property in Ritenour increases in value, the district is required to reduce the tax as needed to produce this amount of funding.”           

Ritenour sets its tax rates to help produce the revenues required to sustain the schools within the district for the current school year, to meet principal and interest payments on the bonded debt of the district and to provide the funds to meet other student and school needs. Revenue is budgeted assuming a 94 percent collection rate of taxes. 

The district continues to receive national awards for its budgeting and financial management practices.  For the past 17 years, Ritenour received the Meritorious Budget Award for excellence in the preparation and management of its annual budget. 

“Ritenour follows Missouri state statutes regarding setting and adjustment of tax rates,” Lindhorst noted.  “All tax rates are reviewed and monitored by the Missouri State Auditor’s office before they can be set by the district to ensure we are in compliance with all state laws.”