Kentucky law prohibits school boards from collecting more than four percent more than the previous year’s. Last year, the tax on real and personal property was 44.7 cents for every hundred dollars of value. The board voted to lower the tax on real property three-tenths of a cent to 44.4 cents. Personal property taxes will remain 44.7 cents.
Superintendent Tim McGinnis said it was necessary to lower the real estate tax rate because the value of real estate in Trigg County had increased substantially since last year. Last year, the General fund Levy produced $2,601,503. With the new rates, it is expected to yield $2,940,767. Out of that amount, $356,476.61 is from new and personal property.
The compensating rate for 2007 is 42.3 cents on real property and 44.7 cents on personal property and is expected to produce $2,812,565.80.