The Meramec Valley R-III School Board set the 2013 property tax levy last Wednesday, following a public hearing held at the regular meeting.
Board members approved a tax rate for the coming year at $4.31 per $100 valuation — the same levy as in the past two years.
The rate is based on $3.62 for the operating budget, $0 for teacher fund, $0.69 for debt service and $0 for capital projects.
The public hearing, required by state statutes, is intended to give the public an opportunity to be heard prior to the tax rate being set.
The board meeting serves as the tax rate hearing and the hearing notice was posted in all school buildings, the central office, and the district’s website.
No one spoke regarding the tax rate at the meeting.
In proposing for the no-increase levy, Joel Cracchiolo, business manager, said that assessed valuation of properties in the district is down by $600,000, but had gained $250,000 in assessed valuation of new construction. He also said district reserves are good.
“We’re asking for a flat rate,” he said.
That rate will be applied to real estate and personal property when tax bills go out later this year.
The tax rate is determined by dividing the amount of revenue needed by the current assessed valuation and is set to produce revenue, which the budget shows is required.