Local governments budget for rising property values

Local governments in Boone County make their budgets with the hopes of higher property taxes.

County Assessor Tom Schauwacker announced Monday that 43,639 property owners were notified of a higher assessed value this year. That means their property tax bill at the end of the year could be higher. Some 92 percent of the changes came as a result of the assessors office’s semiannual review of the housing market, while the other 8 percent of changes were sent due to construction or alterations.

The city of Columbia and Columbia Public Schools expected property values to increase 2 and 3 percent respectively in their latest budgets. For the city, property tax makes up about 2 percent of the whole budget. So far, the city has brought in $8.5 million in property taxes, according to the city’s Open Checkbook portal. The taxes go into the city’s general fund, which helps pay for the city’s public safety agencies.

Columbia Public Schools relies more heavily on property taxes. Local property taxes make up 53 percent of the district’s total budget at more than $150 million.

Schauwacker told ABC 17 News that it was too early to estimate how much governments would bring in due to the higher assessed valuation. Each agency must set its property tax rate by Aug. 1. Additionally, those who received notices have until June 17 to appeal his office’s decision.