Covington cuts property tax price to 17%

Covington, Q. – Property taxes in Covington are falling to their lowest level “in trendy historical past,” due to a vote from the board of commissioners on Tuesday.

Town voted to chop the property tax by 17% after freezing the speed for 5 consecutive years.

what it is advisable know

  • Covington slashes its property tax price after freezing it for 5 straight years
  • Town voted on Tuesday evening to chop the property tax by 17%
  • Tax payments reflecting the brand new price will likely be despatched on September 15

The brand new property tax price for the northern Kentucky metropolis is greater than a 3rd of what it was within the mid-Nineteen Seventies, officers mentioned in a information launch.

The brand new tax price is more likely to be a traditionally low one for town. (Covington Metropolis)

The tax price is $2.71 per $1,000, down from $3.27 within the assessed worth of actual property. Covington has lowered its private property tax price from 0.349 to 0.328, officers mentioned.

Tax payments reflecting the brand new price will likely be despatched on September 15.

Interim Finance Director Jerome Heist mentioned the discount was potential as a result of the overall worth of property within the metropolis elevated dramatically between 2021 and 2022.

“In my 22 years right here within the metropolis, I’ve by no means seen such an enormous progress,” Heist mentioned.

The rise was linked to a few issues: new building within the metropolis, a dramatic improve within the housing market, and a revaluation of property values ​​performed by the Workplace of the Kenton County Property Appraisal Administrator, which is required by legislation each 4 years.

Mayor Joe Meyer mentioned they reevaluate why not each particular person home-owner — whatever the fee’s choice — would see a 17 p.c discount of their tax invoice.

“Let me clarify a reality of life to everybody: Not everybody will get a tax lower,” the mayor mentioned. “There are individuals who pays extra as a result of their valuation has gone up – however they will not pay as a lot as they might have beneath the earlier tax price.”

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