NEWPORT, Ky. — The Newport Board of Education is considering a proposal that would decrease property tax rates for many residents.
Newport school district’s current property tax rate is $9.64 per $1000 of assessed property value. This year, they are proposing to decrease rates again, between 79.8 and 88.4.
However, this doesn’t mean everyone will pay less.
“In the neighborhood some property assessments have gone up 20% to 30%, and with that even though we are lowering our rate, you know some homeowners still may pay higher taxes,” said Tony Watts, superintendent with Newport Independent Schools.
But even with lower property tax rates, Newport schools would still bring in around $1.1 million more due to the increasing property values.
And the number one priority for that money coming in from property taxes? Completing phase two and three of the brand new football stadium at Newport High School, which began in 2022.
“Concessions and restrooms are phase two, and then our locker rooms will be phase three,” Watts said. He added they plan to have phase two finished by this time next year.
On top of the extra $1 million, Kentucky schools are allowed to ask for an additional 4% of what they made the year before to account for inflation. Those additional funds will allow the district to complete a number of projects and renovations and pay down on debt.
“This time last year we based our tax rate on what the PVA (Property Valuation Administrator) gave us, [and] they had overrated the values so we had to give back close to $500,000,” Watts said.
Watts said they made budget cuts across the board after the loss, though teacher raises at the end of the year cost them nearly $500,000 creating some debt for the district.
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