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Hannibal Courier - Post - Hannibal, MO
  • Property tax rate to increase slightly

  • Property taxes in the city of Hannibal will be going up slightly. On Tuesday night the City Council gave first reading to a proposal that will see the Ad Valorem Property Tax rate creep up by slightly more than $1.14 for every $100 of assessed value.
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  • Property taxes in the city of Hannibal will be going up slightly. On Tuesday night the City Council gave first reading to a proposal that will see the Ad Valorem Property Tax rate creep up by slightly more than $1.14 for every $100 of assessed value.
    The increase amounts to “less than a penny per $100,” said Doug Warren, city director of finance, during a public hearing Tuesday on the tax rate.
    Of the $1.14 figure, 73 cents will go to the city’s General Fund. Almost 28 cents will go to the Library Fund. Nearly 13 cents will go to the Police and Fire Pension Fund.
    The tax increase figure is not arrived at randomly. According to Warren, the county assessor sent local property values to the state auditor. The auditor then advised the city what the Hancock fair tax rate will be for 2014.
    While the Library’s revenue went up by only 0.0003 cents per $100, Warren expressed concern over its new level of 0.2798.
    “My biggest fear is that the Library is very close to the ‘cap’ self imposed when their property tax was imposed years and years ago,” said the finance director. “Once they hit 0.30 they will freeze until or unless a new vote is taken. 
    “The Police and Fire Retirement (Fund) is in similar condition with just a bitty, bitty bit more to play with than the Library.” 
    Warren noted that residential real property is assessed at 19 percent of true money value. Agricultural property is assessed at 12 percent of its productive or market value. Commercial/industrial real property is assessed at 32 percent of its true money value. Personal property is assessed at 33.3 percent of is true value.
    According to information provided by Warren, property tax on residential real estate is actually lower in 2014 than it was just a handful of years ago. For example, a $75,000 house would have an assessed value of $14,250. In 2014, the real estate tax on that house will be $162.85. In 2009 the real estate tax on the same property was $168.61. In fact, as recently as 2011 the real estate tax on that $75,000 home was $174.56.
    In 2012, the real estate tax on that home had shrank to $162.65. After holding the same in 2013, the tax bill on that property went up by just 20 cents this year.
    Overall, Hannibal’s property value increased by 1.4 percent. Warren pointed out that while the property value increased in Ralls County, in decreased in the Marion County portion of the city.
     

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