PAOLA — Paola City Council members unanimously approved the city’s 2022 budget after no members of the public chose to speak during a public hearing Tuesday, Sept. 14.
The approved budget’s mill levy of 43.390 is only slightly higher than the current mill levy of 43.381. The mill levy is the rate in which the city collects property taxes.
Whether or not an individual homeowner sees an increase on their property tax bill will depend on whether or not the assessed valuation of their property increased or not.
It’s likely that most Paola landowners will be seeing an increase because Paola’s total assessed valuation increased by more than 9 percent from $56,624,335 to an estimated $61,816,612.
That means the city of Paola should generate more tax revenue even though the mill levy rate stayed close to the same.
In addition to the budget public hearing Sept. 14, the City Council also had to conduct a public hearing stating that the budget exceeds the revenue neutral rate. Multiple other local governmental entities have had to conduct similar hearings to abide by the revenue-neutral regulations mapped out in SB 13.
In order to remain revenue neutral, which means the city would only collect the same amount of tax revenue as the previous year, the city’s mill levy would have had to been 39.740.