The current levy of $2.75 is at the minimum allowed by State statute. The current State minimum levy places the District at risk of losing $8.5 million of Federal Impact Aid because of its inability to compare with other districts in local tax effort.
In simplified terms, the District’s tax rate is too low for the district to remain eligible for B-2 Heavily Impacted Aid. As indicated from Dr. Roger Dorson, Deputy Commissioner, Missouri Department of Elementary and Secondary Education: “This letter is to verify that Section 8003(b)(2) provides increased funding for heavily impacted school districts that meet certain eligibility criteria. One of these general requirements is that an applicant must have a local real property tax rate for general fund purposes of not less than 95% of the average tax rate.”
The Waynesville School District has trended closer and closer to the 95% threshold and is currently at risk of losing eligibility.
The District will receive $600,000 in new local revenue if the 20-cent tax levy increase is approved. That new revenue will be used to enhance both safety and technology. Most importantly the $.20 increase will preserve the current $8.5 million in Heavily Impacted funding the District already receives.
Personal property (cars, farm machinery, etc) taxes will also be affected. Personal property is difficult to project as it loses value annually and dependent on the personal property owned. Click here to estimate Real and Personal tax assessments.
Heavily Impacted Eligibility http://www2.ed.gov/programs/8003/eligibility.html
Missouri Property Tax Credit http://dor.mo.gov/personal/ptc/