The Boone County Fiscal Court voted unanimously to lower the tax rates for real property, personal property, and the motor vehicle tax rate at its August 8 meeting.
The new rates will be lowered as such: Real Property from 10.5 cents per $100 assessed value to 10.4, Personal Property from 12.6 cents per $100 assessed value to 12.5 and the Motor Vehicle tax rate will be lowered from 15.2 cents per $100 assessed valued to 14.2.
Judge/Executive Gay Moore said Boone County’s growth is not a secret, calling it one of the fastest growing Counties in the Tristate area.
“More people are calling Boone County home, new businesses are locating here, and existing businesses are expanding because of our quality of life and low taxes.” stated Judge Executive Gary Moore. Thanks to the disciplined spending and budgeting practices, Boone County has been able to stay committed to cutting taxes when possible. These are influential factors that make Boone County so attractive to so many people and businesses.
In the last 20 years, Boone County has cut the Real Property tax rate from 12.4 to 10.4.
Every year the Boone County Fiscal Court has several options when it comes to setting tax rates. Kentucky law allows counties to increase their property tax rates up to a 4 percent.
The decision by the Fiscal Court will result in decreasing the tax burden by nearly a quarter million dollars below last year’s rates, nearly a half million dollars less than the compensating rate, and nearly one million dollars less than the allowable 4 percent increase.
Boone County Fiscal Court
Lt. Governor Hampton at NKY TEA Party meeting
Kentucky Lt. Governor Jenean Hampton will be the featured speaker at the combined NKY TEA Party meeting Thursday, Aug.24.
The meeting is open to all who are interested in limited government, free markets and fiscal responsibility.
Lt. Gov. Hampton is expected to provide insights into the inner workings of state government in Frankfort.
The meeting will begin at 7 p.m. at the Campbell County Fiscal Courtroom, located at 1098 Monmouth Street in Newport.
NKY TEA Party