The voter-approved bond issue in April is among factors enabling the Valley Park School District to lower its property tax rate this year.
The new rate of $5.59 per $100 assessed valuation for residences is six cents lower than in 2013; but commercial real estate, which accounts for almost a fourth of the district's total of $157 million in assessed valuation, will be taxed at $5.59 as well, 66 cents lower than last year.
"This is good news, the first reduction in seven years, and I'm really glad we're able to provide some tax relief for the community that has been so supportive of its schools," Superintendent David Knes said at a public hearing Monday night. The rate was then adopted.
The $8.45 million bond issue, needing four-sevenths majority approval, got 84 percent support. The issue is saving almost $1 million annually beginning this year, in lower interest charges, while the debt service remains at 94 cents of the total tax rate.