This Kansas City-area county is slashing its property tax levy to lowest in 10 years

The Platte County Commission voted unanimously Tuesday evening to lower its property tax levy for the upcoming two years to just one cent for every $100 of assessed value of a piece of real estate, the lowest it’s been for over 10 years.

Commissioners said the county can afford the property tax cut because it’s bringing in enough money from sales taxes.

“For the last couple of years, the county has been generating excess sales tax revenues, so instead of spending it and growing the government, we’ve decided to give some of it back to Platte County property owners with this property tax reduction,” said Scott Fricker, the county’s presiding commissioner.

Revenue collected from the reduced tax levy goes toward the county’s general fund.

The vote lowered the levy from .06 for 2024 taxes, to 0.01 for 2025 and 2026.

Fricker said during the Tuesday meeting that the commission would lower the tax rate to zero if it could, but that would require voter approval to then raise it again in the future.

Joe Vanover, Second District commissioner, said that Fricker has closely followed the county’s finances since he was elected in 2023, routinely analyzing the sales and use tax collections and sharing his projections.

“I’ve studied (his) plan,” Vanover said in a press release. “I wholeheartedly agree that the Platte County government should cut our property taxes.”

The current levy was needed to pay for major upgrades to the law enforcement communications systems, he said, and the county paid its final lease on the system last year.

Dagmar Wood, First District commissioner, added she believes the county is finally in a good position to lower its rates.

The public was invited to share comments on Tuesday, but the commission did not receive any.

Platte County’s levy is not the only factor that determines a homeowner’s property tax bill. In addition to the county, other local taxing authorities such as school districts, city governments and libraries all set their own levies — which are usually higher than the county’s — that together make up tax bills.

Tax bills are calculated based on the assessed value of a property, which changes as the housing market changes. In Platte County, the market values of homes increased by about 3% in the last year, according to data from real estate websites Redfin and Zillow.

Platte County homeowners age 62 and older are eligible for Missouri’s senior property tax freeze program, which could reduce future tax bills.

This story was originally published September 25, 2024 at 10:04 AM.