LEXINGTON, Ky. (WKYT) – Members of the Fayette County Board of Schooling are weighing two choices for native property tax charges.
Every year, college boards in Kentucky are required to set native property tax charges that generate income to fund their public colleges.
For the 2021-22 fiscal 12 months, householders in Fayette County paid property taxes of 80.8 cents per $100 of the assessed worth.
Throughout Monday’s board assembly, the board’s monetary advisor – Compass Municipal Advisors, LLC – introduced two attainable choices for the 2022-23 fiscal 12 months:
- Beneath choice #1, the speed would improve from 80.8 cents to 78.5 cents per $100 of assessed worth.
- Beneath choice #2, the speed would go from 80.8 cents to 83.3 cents per $100 appraised worth.
Each the choices will present income for the traditional operation of the district. Choice #2 may even add a devoted income stream for building and renovation.
listed here are the main points:
- With choice #1, the district can have $188.5 million in bonding capability now, and one other $48.5 million over the subsequent 5 years. After that, the district couldn’t finance any extra initiatives till 2037. Choice #1 is sufficient to full three initiatives nearly instantly.
- With Choice #2, the Board can have $540 million instantly out there to borrow for building and renovation initiatives, and continued facility funding via 2037 and past. Choice #2 supplies sufficient to finish about 12 initiatives nearly instantly.
In line with the district, choice #1 would save the proprietor of a $100,000 residence $23 this 12 months in comparison with 2021. Choice #2 will price the proprietor of a $100,000 residence $25 extra this 12 months than in 2021.
No choice has been taken. A public listening to, the place group members can touch upon two choices, will happen on September 8 at 6 p.m. within the John D. Worth Administration Constructing. The board will vote on the finish of the general public listening to.
Those that want to share enter with members of the Fayette County Board of Schooling forward of the general public listening to can attain all 5 by emailing email@example.com.
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