ALDERMEN GIVE UNANIMOUS APPROVAL
The Platte City Board of Aldermen on Aug. 27 voted to increase the city’s 2024 property tax levy by 2.88 cents per $100 of assessed valuation. The new tax rate is $1.0117 per $100 of assessed valuation.
City officials said the increase will allow the city to stop subsidizing the city’s general obligation bond payment.
“The levy generates $81,420 more than last year due to a combination of increased assessed valuation and increased tax rate. The city will be able to fully fund its general obligation bond payment without an interfund subsidy for the first time in 20 years. This year’s general obligation bond payment is approximately $515,000,” said DJ Gehrt, transition assistant for the city.
What the tax increase will mean for individual homeowners varies according to the value of the home, of course. Owners of a home valued at $150,000 will pay $8.21 more in city tax, while owners of a home valued at $400,000 will see an increase of $21.89.
Real estate valuation increased by about $3.25 million from last year, with a total real estate valuation in the city of more than $95 million. The valuation increase is driven by continued increases in property values and more than $1.5 million in new construction, largely from the continued development of Windmill Creek subdivision and the new KCI Commerce Center located east of I-29 and north of Hwy. 92.
The levy increase was passed unanimously by the aldermen. A letter from a resident, TJ Weaks, asking city officials not to increase the levy, was read into the record by the city clerk. Weaks said the city’s assessed valuation (value of taxable property) is growing and that should allow the city to avoid a tax increase.
“Nobody likes to pay more in taxes, including retired folks on fixed incomes,” said Dan Laxson, alderman, prior to voting for the increase.
A positive note for taxpayers is that Platte City continues to be one of the few taxing entities in Missouri that does not impose a tax on personal property (vehicles, etc.). Platte City has waived its property tax on personal property every year since 1991.
