Good evening everyone a Public hearing notice has been posted adequate notice of it has been given so I will call us to To order Okay so The 2025 property tax rates need to be set prior to October 1st, which is why we're meeting tonight Prior to setting property tax rates a public hearing is required Purpose of the public hearing is to receive public comments to be considered in the process of setting tax rates John You said everything that's on this first line, it's perfect Missouri's property tax system is designed to set property tax rates that adjust as Assessed valuations adjust and limit our growth of taxes To something that doesn't exceed consumer price indexes This is kind of how the formula works AV mean assessed valuations times rate equal our tax collections And when assessed valuations rise rates are forced to decrease So that tax collections remain approximately level The same is true in the reverse if assessed valuations decline rates rise again to keep tax collections approximately equal in recent years we Have only really experienced assessed valuations rising, but I can tell you in the 2008 2009 Time timeframe they actually went down for a couple reassessment periods In regards to probably tax growth there's these are the way that it grows where they grow with new construction It grows with the capture of CPI during reassessment years and it grows with voter approved tax rate increases Assessed valuations start with an appraisal by the state mean by the county assessor Those this those appraisals don't necessarily reflect market value They're usually a little bit lower than market value, and then it's converted to an assessed valuation with these formulas 19% for residential property 32 for commercial and 1 third for personal property This year our assessed valuation is 1.73 billion And it's in these this pie graph shows the categories of residential commercial and personal property Residential being the largest share in the prior years assessed valuation are shown there and you can see we grew about 200 million over the prior reassessment period Here's how we've seen growth through time for each category This is the growth we're seeing from reassessment this year reassessment happens in odd numbered years every other year So you see it rise typically in the odd numbered years and somewhat fall back in even numbered years This particular year is got a lot of growth We also grow from new construction and this is a good year for new construction as well both in Residential and commercial it's pretty strong this year We're required to set our tax rates by October 1st the data we get to make these calculations Usually doesn't come out till about September 15th So we have a very small window of time in which to react and make the get these rates adopted These are the rates that we're proposing this year.

Good evening everyone a Public hearing notice has been posted adequate notice of it has been given so I will call us to To order Okay so The 2025 property tax rates need to be set prior to October 1st, which is why we're meeting tonight Prior to setting property tax rates a public hearing is required Purpose of the public hearing is to receive public comments to be considered in the process of setting tax rates John You said everything that's on this first line, it's perfect Missouri's property tax system is designed to set property tax rates that adjust as Assessed valuations adjust and limit our growth of taxes To something that doesn't exceed consumer price indexes This is kind of how the formula works AV mean assessed valuations times rate equal our tax collections And when assessed valuations rise rates are forced to decrease So that tax collections remain approximately level The same is true in the reverse if assessed valuations decline rates rise again to keep tax collections approximately equal in recent years we Have only really experienced assessed valuations rising, but I can tell you in the 2008 2009 Time timeframe they actually went down for a couple reassessment periods In regards to probably tax growth there's these are the way that it grows where they grow with new construction It grows with the capture of CPI during reassessment years and it grows with voter approved tax rate increases Assessed valuations start with an appraisal by the state mean by the county assessor Those this those appraisals don't necessarily reflect market value They're usually a little bit lower than market value, and then it's converted to an assessed valuation with these formulas 19% for residential property 32 for commercial and 1 third for personal property This year our assessed valuation is 1.73 billion And it's in these this pie graph shows the categories of residential commercial and personal property Residential being the largest share in the prior years assessed valuation are shown there and you can see we grew about 200 million over the prior reassessment period Here's how we've seen growth through time for each category This is the growth we're seeing from reassessment this year reassessment happens in odd numbered years every other year So you see it rise typically in the odd numbered years and somewhat fall back in even numbered years This particular year is got a lot of growth We also grow from new construction and this is a good year for new construction as well both in Residential and commercial it's pretty strong this year We're required to set our tax rates by October 1st the data we get to make these calculations Usually doesn't come out till about September 15th So we have a very small window of time in which to react and make the get these rates adopted These are the rates that we're proposing this year. They are the result of calculations That the state auditor provides us and they have been reviewed by the state auditor So at this point in time they are fully validated The operating levies have gone down for residential and commercial due to the growth in reassessment The debt levy stays the same There is a recoupment levy that flows from last year In which we did a recoupment on commercial property and we divided that to flow over two years We applied it to last year Recently I say back this summer the state auditor Advises that they wanted to revise a number in our calculation and It lowered the commercial Recoupment number and actually created a negative recoupment In the residential levy, so it's actually lowering the residential levy So you can see these are the proposed rates For this coming year at the bottom line This is how they compared to last year the residential rate overall is down 34 and a half cents the commercial rate is down 20 cents These are how rates have fallen through time as assess value rises the rates fall the blue line blue bars being residential continue to fall the lowest Number on the graph is two dollars and seventy five cents.

Good evening everyone a Public hearing notice has been posted adequate notice of it has been given so I will call us to To order Okay so The 2025 property tax rates need to be set prior to October 1st, which is why we're meeting tonight Prior to setting property tax rates a public hearing is required Purpose of the public hearing is to receive public comments to be considered in the process of setting tax rates John You said everything that's on this first line, it's perfect Missouri's property tax system is designed to set property tax rates that adjust as Assessed valuations adjust and limit our growth of taxes To something that doesn't exceed consumer price indexes This is kind of how the formula works AV mean assessed valuations times rate equal our tax collections And when assessed valuations rise rates are forced to decrease So that tax collections remain approximately level The same is true in the reverse if assessed valuations decline rates rise again to keep tax collections approximately equal in recent years we Have only really experienced assessed valuations rising, but I can tell you in the 2008 2009 Time timeframe they actually went down for a couple reassessment periods In regards to probably tax growth there's these are the way that it grows where they grow with new construction It grows with the capture of CPI during reassessment years and it grows with voter approved tax rate increases Assessed valuations start with an appraisal by the state mean by the county assessor Those this those appraisals don't necessarily reflect market value They're usually a little bit lower than market value, and then it's converted to an assessed valuation with these formulas 19% for residential property 32 for commercial and 1 third for personal property This year our assessed valuation is 1.73 billion And it's in these this pie graph shows the categories of residential commercial and personal property Residential being the largest share in the prior years assessed valuation are shown there and you can see we grew about 200 million over the prior reassessment period Here's how we've seen growth through time for each category This is the growth we're seeing from reassessment this year reassessment happens in odd numbered years every other year So you see it rise typically in the odd numbered years and somewhat fall back in even numbered years This particular year is got a lot of growth We also grow from new construction and this is a good year for new construction as well both in Residential and commercial it's pretty strong this year We're required to set our tax rates by October 1st the data we get to make these calculations Usually doesn't come out till about September 15th So we have a very small window of time in which to react and make the get these rates adopted These are the rates that we're proposing this year. They are the result of calculations That the state auditor provides us and they have been reviewed by the state auditor So at this point in time they are fully validated The operating levies have gone down for residential and commercial due to the growth in reassessment The debt levy stays the same There is a recoupment levy that flows from last year In which we did a recoupment on commercial property and we divided that to flow over two years We applied it to last year Recently I say back this summer the state auditor Advises that they wanted to revise a number in our calculation and It lowered the commercial Recoupment number and actually created a negative recoupment In the residential levy, so it's actually lowering the residential levy So you can see these are the proposed rates For this coming year at the bottom line This is how they compared to last year the residential rate overall is down 34 and a half cents the commercial rate is down 20 cents These are how rates have fallen through time as assess value rises the rates fall the blue line blue bars being residential continue to fall the lowest Number on the graph is two dollars and seventy five cents. That is actually a floor rate That if we reach that point the rate will not fall any further That could have happened With the next reassessment or the one following we're very likely to get to that point The debt service levy has been stable for the third year in a row We lowered it three years ago as due to the inflow of funds being greater than what we needed to service the debt In regards to amounts building collected Our collections usually fall a little shy of what's been built Due to protested taxes and the resolution of those protests So this is the history of that This is how our revenue is growing by source the blue the green bar being new construction the blue bar being reassessment and CPI and personal property Does its own thing?