Fayette County Schools board approves tax rate cut on real estate, personal property

The Fayette County Public Schools Board on Thursday approved a tax rate cut for fiscal year 2025 on real estate and personal property, and held steady at the same rate for motor vehicle taxes.

The Board of Education for 2024-2025 school year levied a total tax rate of 80.9 cents on real estate and 83 cents on personal property per assessed valuation. For motor vehicles, the board levied a tax rate of 59.2 cents per $100 assessed valuation.

The current rates are 81.0 cents per $100 for real estate and 83.3 cents per $100 for personal property.

“Essentially, it allows us to lower the rate while still fulfilling the budget obligations approved in May,” Board Chair Tyler Murphy said in a district statement.

In May, the Fayette school board approved a $801.8 million tentative budget for the 2024-2025 fiscal year. The district will receive $325,733,780.53 from property taxes during the fiscal year, according to the school board agenda.

On Aug. 2, the district received certified net assessment growth and tax rates from the Department of Property Taxation and the Department of Education.

This story was originally published August 9, 2024 at 2:43 PM.