Fayette schools property tax rate proposal would mean more money in some residents’ wallets

Fayette County Public Schools is proposing that the school board reduce the 2023-2024 property tax rate.

It would still generate a 4% increase in revenue for the district.

Under a proposal presented by FCPS staff at Monday’s meeting, the board would levy a total tax rate of 81.0 cents for real estate and 83.3 cents for personal property per $100 assessed valuation, and a total motor vehicles property rate of of 59.2 cents per $100 assessed valuation.

The 2023 rate was 83.3 cents per $100 for real estate, 83.3 cents per $100 personal property and 59.2 cents per $100 for motor vehicles.

The proposed option equates to a decrease of 2.3 cents, or $23.00, in tax for real estate property assessed at $100,000, and no change in tax for tangible property assessed at $100,000. There is no proposed change for motor vehicle tax.

The 4% increase in revenue could generate $316.1 million, board documents said.

A vote would be taken at the August 28 school board meeting.

Each August, school boards across Kentucky have the responsibility of setting property tax rates to generate revenue to pay for their local schools. Those rates are calculated based on the total value of commercial properties and homes in each community.