The commissioners of Daviess County in Kentucky proposed the property tax increase to remain the same for the fiscal year of 2023-24. Nonetheless, the county will receive more revenues due to the increases in the value of properties.On the evening of August 10, the officials of the Daviess County in the state of Kentucky held the first reading of their tax rate ordinance. Further reports say the officials introduced a proposal to keep the property tax increase the same for real estate at 13 cents per $100 of the assessed value.
According to Mayse, this suggests that the commissioners of the Daviess County proposed that the property tax increase remains the same for the fiscal year of 2023 to 2024. Nonetheless, although the proposed property tax increase will remain the same, the Daviess County will still receive more revenue from property taxes due to the increases in the value of the real estate properties.
Property Tax Increase Remains the Same
According to Kelly, despite the same property tax increase, the real property taxes in the Daviess County is expected to generate up to $9.699 million in revenue. Jordan Johnson, the Daviess County’s treasurer, stated that the real property tax rates are above the “compensating rate” which is needed to generate the same amount of revenue as in 2022.
Further reports say the “compensating rate” for 2023 would be 12.6 cents per $100 of the assessed value. During the Fiscal Court meeting last Thursday, Johnson also stated that the “compensating rate” will always be lower as long as the assessments are increasing.