Frankfort Independent Schools is proposing a property tax rate that would be an increase of almost 3% over last year’s rate and that would generate nearly 10% more revenue.
The proposed rate for this year is 99 cents per $100 of assessed property value, both real and personal, a 2.5% increase over last year’s rate, which was 96.5 cents per $100. This year’s rate is projected to generate $2,446,789.78, or nearly 10% more revenue than last year.
A homeowner in the district whose property is worth $150,000 would pay about $1,485 in taxes under the proposed rate, or $37.50 more than last year.
The compensating rate, or the rate that would have generated the same amount of revenue as last year’s rate, is 95.2 cents per $100. Last year’s revenue was $2,228,894.94.
During a special-called meeting on Thursday, the board set a time for a public hearing on the proposed rate for Sept. 23 at 5:30 p.m. at the school district’s central office.
Both Superintendent Houston Barber and Board Chair Jina Greathouse said that the board has yet to “make an official recommendation” on the motion.
"In order to even get us on track and moving forward with our capital projects, as well as operational expenses, this is necessary," Barber said of the increase.
He said that the school district "barely survives each year" and builds up capital funds through a 2016 nickel tax. A continuing challenge is that about 75% of the property in the school district is tax-exempt as state-owned property.
If any taxing district in Kentucky proposes a tax rate that isn’t the compensating rate, it must hold a public hearing.
Franklin County Schools announced last month that it would propose a tax rate of 74.3 cents per $100 of assessed valuation, which is about 4% more than last year’s rate for the district. FCS will have its public hearing on Monday at 5 p.m. at its central office, before the regular school board meeting.
Of all neighboring school districts, FIS had the highest tax rate last year, about 16.4 cents above the second highest tax rate, which was Eminence Independent Schools. All school tax information is posted by the Kentucky Department of Education.
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