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Department of Revenue Sets State Property Tax Rate For 2019: Remains the same as last year at 12.2 Cents

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SPECIAL TO THE LARUE COUNTY HERALD NEWS

The Kentucky Department of Revenue has released the 2019 State Real Property Tax Rate, which is 12.2 cents per $100 of assessed value.

Kentucky Revised Statute 132.020 requires the department to set the real property rate no later than July 1 of each year. This rate is based on the revenue generated from the increase in taxable real property assessments from 2018 to 2019. If the increase in revenue is more than 4% after the exclusion of both new property added to the tax roll during 2018, and the property subject to Tax Increment Financing, then the prior year rate must be reduced.

Because the assessment increase for 2019 is estimated at 3.92%, the state rate will remain the same as the 2018 rate, 12.2 cents per $100 of assessed value.

All of the revenue generated from the state property tax rate will go into the state’s General Fund.