Sept. 25, 2012 —
Rowan County Fiscal Court voted last week to allow new property tax rates, but Judge-Executive Jim Nickell said the increases are slight.
“To bring in approximately the same amount of revenue for taxing districts, taxing percentages will vary slightly,” he said. “As far as I can tell, all of the entities are taking the compensating rate.”
The Kentucky Revenue Cabinet provides each taxing district with calculations each year that offer a choice between the so-called “compensating rate” or up to a four percent increase in property tax rates.
If rates go beyond the compensating rate, the taxing entity must conduct a public hearing.
“The compensating rate brings in close to the exact dollar amount that we each received last year,” Nickell said.
He said the Court does not approve rates suggested by the Kentucky Revenue Cabinet but rather “accepts” them.
Fiscal Court voted unanimously to accept the following tax rates:
County general fund real estate and tangible tax rates for 2012:
Real estate - 6.7 cents per $100 of assessed value (up from 6.6 cents)
Tangible property - 8.0 cents per $100 (no change)
Motor vehicle and watercraft rates for 2013:
Motor vehicles – 8.0 cents per $100 (no change)
Watercraft – 8.0 cents per $100 (no change)
Rowan County Health District:
Real estate – 4.5 cents per $100 (no change)
Personal property – 4.5 cents per $100 (no change)
Motor vehicle and water craft: 4.5 cents per $100 (no change)
Rowan County Board of Education:
Real estate for 2012 – 53.2 cents per $100 (up from 52.7)
Personal property for 2012 – 53.2 cents per $100 (up from 52.7)
Motor vehicle and watercraft for 2013 – 49 cents per $100 (no change)
Rowan County Public Library:
Real estate: 9.6 cents per $100 (up from 8.5)
Personal property: 19.74 per $100 (up from 18.82)
Motor vehicle and watercraft: 3.5 cents per $100 (no change)
Nicole Sturgill can be reached at nsturgill@themoreheadnews.com or by telephone at 784-4116.
