Assessed Value/100 X Tax Rate (levy) = Tax
Taxes are levied against property based on the rates as permitted by voters, collected by the Collector and then distributed back to the taxing entities. In other words, the Texas County
Collector bills and collects property taxes on behalf of the taxing entities within the County.
Taxing districts cannot arbitrarily set the tax rate they charge, but instead must put the proposed rate to a vote of the residents living within that district. Once the levy rate has been approved by the voters, it typically remains that rate until another vote is taken. Tax rates (levies) are set each year by local taxing jurisdictions within the limits set by the Missouri Constitution and laws. Rates are based on the revenues that had been permitted for the prior year with an allowance growth based on the rate of inflation. Projected revenue needs for the current taxable year are divided by assessed valuation of the taxing jurisdiction with values from new construction and improvements, and any increments in personal property valuation, held aside. The resulting tax rate becomes the permitted rate for the year if it falls within the ceiling permitted that local government.