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The LaRue County School Board voted Monday to keep the property tax rate at last year’s level.
Superintendent Sam Sanders recommended the board not take the compensating rate which could be levied without a hearing or recall (KRS 160.470). The compensating rate, when applied to current year’s property assessment, produces an amount equal to that produced in the preceding year, Sanders said.
The board could have levied as much as 4 percent over the amount of revenue produced by the compensating rate. The 4 percent levy could be added after a hearing but is not subject to recall.
“Because of the difficult economic times we are in presently, I believe we need to keep our taxes as low as possible,” Sanders said.
Tax rates were set as follows:
The tax rate generated about $2.3 million last year and will pull in about $2.45 million, after the sheriff’s 4 percent collection fee is deducted, this year.
The compensating rate would have been 45.9 cents per assessed value for real estate and 46.7 cents for tangibles and produce an additional $26,430 in revenue.
Sanders provided the following 2008-09 property tax rates for surrounding areas:
Adair 40.5; Taylor 41.2; Campbellsville 43.3; Green 43.9; Hart 46.4; Marion 47.9; Meade 49.4; Hardin 48.7; Washington 50.8; Elizabethtown 55.2; Nelson 57.4; and Bardstown 60.6.
LaRue ranked 107 out of 174 of all districts in the state in 2008-09.
“When you compare LaRue’s real estate tax rate to other counties in the area, we fare very well,” Sanders added.
The lowest five real estate tax rates in the state in 2008-09 were Lee 27.0; East Bernstadt 27.2; Powell 31.3; Monticello 31.7; and Cumberland 32.4.
The highest five real estate tax rates in the state in 2008-09 were Walton Verona 100.6; Covington 98.9; Anchorage 98.2; Silver Grove 93.5; and Ft. Thomas 87.9.
“I am glad we are in a position to be able to do this,” said Sanders, “and I believe most taxpayers will appreciate it.”