CHANGE IN STATE LAW TO COST CAPE SCHOOL DISTRICT $88,000

A change in the way owners of nursing homes and apartments pay property tax will cost Cape Girardeau public schools $3 million in assessed valuation. That translates to more than $88,000 in income for the coming school year.

Business manager Steve DelVecchio explained the change in law at Monday's public tax-rate hearing. House Bill 211 assesses nursing homes and apartments at the lower residential property tax rate.

But the change in the law also gives school districts a chance to make up the lost revenue by raising their tax rates.

A new tax-rate hearing has been scheduled for Aug. 21 to give DelVecchio time to confer with state officials and recalculate the tax increase needed to make up $88,000. A special board meeting will be held just after the 6 p.m. hearing to approve the new rate.

School districts must set their tax rate by Sept. 1.