HERALD-LEADER FRANKFORT BUREAU
FRANKFORT -Kentucky’s property tax rate for 2015 will remain as it has been since 2008.
The state Department of Revuene announced Wednesday that it has set the 2015 state real property tax rate at 12.2 cents per $100 of assessed valued.
Stat law requires the department to set the real property rate no later than July 1 of each year.
The rate is based on the revenue generated from the increase in taxable real property assessments from 2014 to 2015.
If the revenue increase is more than 4 percent after the exclusion of new property added to the tax roll during 2015, then the prior year rate must be reduced.
Because the assessment increase for 2015 is estimated at 2.78 percent, the state rate will remain the same as the 2014 rate, 12.2 cents per $100 of assessed value.
All of the moneygenerated from the state property tax rate will go into the state’s General Fund, which pays for most state programs.
Filed Under: State Government