R-I tax rate remains unchanged for 2020-21

The Palmyra R-I tax rate will remain the same for the upcoming school year.

The R-I Board of Education held the annual tax rate hearing for the school district on last Tuesday, Aug. 25,  in the cafeteria of Palmyra High School 

The board accepted the estimate of required local taxes for the 2020-2021 school year of $3.4080 per $100 of assessed value in the operating fund and $0.6200 per $100 of assessed value in the debt service fund for a total of $4.0280 per $100 assessed valuation.

This represents an overall tax rate that is unchanged from last year.

A total of $5,465,961 is expected to be generated this year, compared to $5,418,798 in 2019-20, based on a slight increase in assessed valuation.

“The Palmyra R-I tax levy  provides around 65 percent of our total revenues for the district, with state revenues bringing in about 27 percent each year. The remaining revenues come from federal sources,” said Superintendent Kirt Malone. “It is important to know that the state of Missouri is in the bottom five states for their financial support of public schools. Meaning that local communities have to spend a much higher amount to support public schools than almost every other state in the country.  

“It stands to reason why Missouri is in the top five in the nation for local tax burden for public schools,” he added. “We are fortunate to have a very strong tax base in Palmyra and a community who supports its public schools.”

In other business, the board approved the updated substitute teacher list as presented.

They also hired Linda Raney as a part time bookkeeper for the 2020-2021 school year.