Title
An Ordinance setting the Tax Levy for the Year 2018 for the City of Lee's Summit, Jackson and Cass Counties, Missouri (F&BC 8-6-18)
Body
Issue/Request
An Ordinance setting the Tax Levy for the Year 2018 for the City of Lee's Summit, Jackson and Cass Counties, Missouri
Key Issues:
Consideration and setting of the tax levies for the General Fund; Parks and Recreation Fund; and, the Debt Service Fund for the City of Lee's Summit, for the 2018 Calendar Year (Fiscal Year 2019).
The City experienced a net increase in Assessed Valuation for property that was assessed in both 2017 and 2018 of approximately ($34,767,164 or 1.77%), with new growth Assessed Valuation of $36,786,895 (1.87%) being added in 2018. The increase in Total Assessed Valuation in 2018 was $71,554,059 over the Total Assessed Valuation in 2017. The increase in Assessed Valauation for previously assessed property was below the CPI increase allowed by the Missouri Tax Commission, so the tax levy rates for the General Fund and Parks and Recreation Fund may be set at the same rate as 2017.
Proposed City Council Motion:
FIRST MOTION: I move for a second reading of An Ordinance setting the Tax Levy for the Year 2018 for the City of Lee's Summit, Jackson and Cass Counties, Missouri.
SECOND MOTION: I move for adoption of An Ordinance setting the Tax Levy for the Year 2018 for the City of Lee's Summit, Jackson and Cass Counties, Missouri
Background:
Each year, the City Council must set the tax levies to be applied to property within the City limits for the General Fund, the Parks and Recreation Fund, and the Debt Service Fund. The Cass County Assessor and the Jackson County Assessor provide the assessed values for all the property located within the City limits, and, state statutes require the City Council to set the tax levies by October 1 of each year. Once the tax levies are set, the levies are forwarded to the State Auditor's Office for review and certification by the Auditor. After ...
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