COVINGTON, Ky. — Covington Independent Public Schools is considering lowering its property tax rate.
The superintendent has recommended the board cut the real property tax rate by 17%. If passed, he said it would be the lowest the rate has been since 2003.
The Board of Education is expected to vote on the new rate Thursday. Before the vote, the district will hold a public hearing where community members can share input. It will be held at the Board of Education building — located at 25. E 7th Street — at 5:30 p.m Thursday.
If the proposed rate is set, the owner of a $100,000 home would pay $895 in district property taxes. Currently, they pay $1,081.
Even with a rate cut, not all residents will see a decrease. The amount residents pay is determined by the assessed valuation of their homes. If the assessment goes up, taxes could too.
A district spokesperson said the the district’s assessments are going up. Even with the cut, the spokesperson said Covington Independent Public Schools will see an increase in revenue. The additional revenue will help keep salaries competitive and address needs for facilities and technology.
Outside the district, the City of Covington recently lowered its property tax rate by 17% too. The city said the decrease was possible because the total worth of real property in the City increased dramatically since last year, from $3.16 billion to $3.85 billion, according to interim Finance Director Jerome Heist.
The city said the increase was tied to new construction, dramatic increases in the housing market and a reassessment of property values.
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