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As city budget deadlines loom, a look at what new property tax rates would mean in PV and Fairway
As the August 25 deadline for submitting approved city budgets to the county draws near, the Prairie Village and Fairway city councils are each considering increases in the property tax rate to help close budget shortfalls. In Prairie Village, the council has taken the first step toward increasing its mill rate from 18.179 to 18.871, a move that would generate approximately $200,000 in additional revenue. However, given the fact that the appraised values of homes in Prairie Village is predicted to fall in 2011, the total annual tax bill for homeowners will actually be smaller than it was in 2010. Here’s a breakdown (note that the assessed value of a home is calculated at 11.5 percent of the appraised value):
|Average Appraised Value||$218,404||$205,983|
|Average Assessed Value||$25,116||$23,688|
|Total city property tax||$457||$447|
In Fairway, the city is facing a $500,000 budget gap that would require a much larger property tax hike to fill. In a notice announcing an August 9 public hearing to discuss the budget, the city published a proposed mill rate of 21.619, a 68 percent increase over the 2010 rate of 12.853. This would mean the average Fairway homeowner’s tax bill would jump by $318:
|Average Appraised Value||$310,264||$312,384|
|Average Assessed Value||$35,680||$35,924|
|Total city property tax||$459||$777|
In a recent email, Fairway asked residents to note the following about the 2011 DRAFT Budget:
- THIS IS NOT THE FINAL BUDGET OR MILL LEVY RATE! The Finance Committee and City Council still have work to do on the budget and are looking to further reduce expenditures or increase revenue. The draft budget includes a method for increasing revenue in the form of a mill levy increase and the challenge is to find other revenue sources or expense reductions so that the mill levy can be reduced.
- No new services or programs have been added for 2011. The 2011 DRAFT Budget simply maintains current service and programming levels.
- Zero increase budgeted for staff salaries
- Bond payment schedules remain as planned. This does not include refinancing any bond payments.
- The CARS road maintenance project planned for 2011 (55th Street behind the Fairway Office Park, joint project with Roeland Park) is included
Fairway is holding its final finance committee meeting before the August 9 public hearing on the budget this Thursday, July 29, at 7:30 a.m. at city hall.
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