Boone County Cuts Property Tax Rate to 8.5 Cents

The Boone County Fiscal Court voted 4-0 Tuesday to cut the real property tax rate to 8.5 cents per $100 of assessed value, down from 9.2 cents.

A homeowner with a $300,000 property will pay $255 annually to the county under the new rate. The fiscal court sets only the county portion of property taxes; school districts, the health department, library, fire protection districts and other agencies set their own rates.

The Kentucky Department of Local Government calculated a compensating rate of 9.1 cents per $100 that would have maintained the previous year's revenue. The court could have adopted a 4% growth rate of 9.4 cents per $100 instead.

"During the budget process, I instructed staff to conservatively estimate revenue, which allowed us to lower taxes below the compensating rate," Boone County Judge/Executive Gary W. Moore said. "The 8.5 rate allows us to fund important projects and priorities and protect the county's financial health."

The court also set personal property tax rates at 9.5 cents per $100 and motor vehicle tax rates at 14.2 cents per $100. The new rates take effect immediately and will appear on property tax bills the Boone County Sheriff's Office mails in October.