Kentucky law allows school boards to set tax levies each year so that they can earn up to an additional four percent revenue over the previous year. A public hearing must be held, but the change is not subject to voter recall. If the levy were to bring in more than four percent additional revenue, it would be subject to recall. For the last three years, the revenue in Trigg County has been increased four percent, but actual tax rates have not gone up because of increased property value. Last year, taxes for real property was lowered three-tenths of a cent for each $100 of assessed value to keep the revenue for exceeding four percent.
This year, though, McGinnis recommended raising the real property tax levy nine-tenths of a cent and the tangible rate by six-tenths of a cent, bringing both rates to 45.3 cents per $100 of assessed value. The motor vehicle tax will remain at 44.7 cents and the utility tax will stay three percent. The board voted at last week’s meeting to authorize McGinnis to advertise for upcoming public hearing, which is scheduled for Aug. 16 at 7 p.m. A special called meeting will take place at 8 p.m. to set the levies.
Read about your taxes in this week's Cadiz Record.