TKC BREAKING AND EXCLUSIVE NEWS!!! KANSAS CITY INSIDER REVEALS MUCH HIGHER TAXES THAN CITY HALL ADMITS DURING $800 MILLION GO BOND CAMPAIGN!!!

Better than prediction . . . One of the BRIGHTEST KANSAS CITY INSIDERS DOES THE MATH on an upcoming vote and comes away with some rather shocking numbers along with just a bit of celebration of our blog community. And the research we've done INDEPENDENTLY AND AWESOMELY on this tax.

Checkit:

Fake News or an 84% Lie??? YOU DECIDE!!!

The numbers on Tony's Kansas City around City's $800,000,000 bonds have been called into question. People have accuse Tony of "fake-news" and incorrect numbers only meant to harm the effort of the City's much needed improvement project.

Take the Challenge

So who do you trust? Since we all know the KC Star is in the pocket of City Hall, we must discount anything they say. We're left with a City notorious for lying to us and Tony's KC that has been accused of FAKE NEWS.

So I challenged myself to see if I could, using Tony's KC information, and the city's website, either verify the allegations that the City is deliberately misleading us . . .

We'll use the City's $12 advertised total tax increase for a 200k home with the 35k car?



I'll illustrate here exactly how to do the math so you can take the challenge right along with me and calculate how much your taxes are going to SKY ROCKET.

Remember, the City's website, as highlighted by Tony's KC's article, shows that the total increase year one is $12. (http://kcmo.gov/infrastructure/)

Here goes:

First - Determine TAX INCREASE required to be raised. 4 easy steps.

Step 1) The city's assessed valuation in 2016 is $7,199,431,000 (which can be found in the City's audit).

Step 2). How much annually will $40,000,000 cost, over 20 years? That answer is given by the city's own numbers and is $3,209,703 (a year, every year, for 20 years).

So far, these numbers are brought to you by the City.

Step 3) Divide the payment by the assessed value ($3,209,703 / $7,199,431,000 = 0.00045) gives us 0.00045.

Step 4) Now since we're not tax on each $1 of assessed value, but on each $100 of Assessed value, we have to multiply step 3's answer (0.00045) by 100 which gives us 0.045 levy needed to be raised. (0.00045 x 100 = .045).

Now, the numbers are 100% the city, plus your own division and multiplication. NOTHING AT THIS POINT IS SUBJECTIVE-- PURE TONY'S KANSAS CITY FACTS AND CITY NUMBERS.

Second - Determine the "Assessed Value" of your project that's going to be taxed. The tax will be applied to almost EVERYTHING you own that the city can find, but the most common stuff will be real estate and personal property. Home and auto.

Step 1. Determine How much is my property worth? Remember, we're using the City's example so they chose a $200k home and a $35k auto. HOWEVER, you're not tax on the market value of your home or car, but the assessed value (AV).

Step 2. Determine the AV of your property. MISSOURI LAW says real property is to be taxed at 19% of it's acutal value and personal property at 33-1/3rd % of it's market value. Get your trusty calculator and multiply $200,000 by 19% and $35,000 time 33.3%. (200k x 19% = 38,000 & 35k x 33.33% = 11,665.50).

Step 3. Now you're not assessed on each dollar, but each $100 of AV accord to Missouri law. You'll need to divide the answers in Step 2 by 100. This produces 380 for the home and 50 for the auto. (38,000 / 100 = 380 av & 11,665.50 / 100 = 116.65 av).

Step 4 . This is where things get fun. Take the answers in Step 3 and multiply by the 0.045 TAX INCREASE found in Step 4 of the first section. So (drum roll please), the $200,000 home has an assessed value of 38,000 and the tax increase will be $17.1. (380 x .045 tax = $17.10). BUT WAIT... we can't forget the lovely $35,000 vehicle in the driveway. We need to tax 0.045 to each $100 of the assessed value of $11,665.50 (116.56 x 0.045 = ) by our levy and we get $ $5.25. So you get a grand combined total your first year of $17.10 for your home and $5.25 for your car or $22.34 for your first years tax.

THE RESULTS ARE IN AND THEY'RE NOT CLOSE.

The City has advertised on their site $12 the first year. TONY'S KANSAS CITY, articles showed the tax increase to be substantially higher. The same car and home at $22.34.

The results are in and THE FACTS are that there is no fake news here and TKC is correct our increase will be 84% higher than our mayor, "Lying-Sly's", numbers.

Chalk another Win up for Tony's KC NEWS.
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You decide . . .