|

Bardstown City Council to consider 2019 tax rate options at tonight’s meeting

NC GAZETTE / WBRT RADIO
STAFF REPORT

Tuesday, Aug. 13, 2019 — The Bardstown City Council will consider three options Tuesday night regarding the 2019 property tax rates.

Last year’s tax rate for both real and personal property was set at 17.90 cents per $100 of value. Due to a substantial increase in assessments and new construction last year, that tax rate was lowered from the 2017 real and property tax rate of 18.2 cents per $100 value.

TAX RATE OPTIONS. The council has three options for setting the 2019 tax rate:

  1. The council can leave the tax rate the same — which will generate $70,607 in new tax revenue due to higher assessments and new construction.
  2. The council can accept what is known as the “compensating tax rate,” which is the tax rate that will generate approximately the same tax revenue as last year’s tax rate did. The compensating tax rate would mean the city’s tax rate would drop from 17.9 to 17.5 cents per $100 of value.
  3. The council can approve a tax rate that will generate a 4 percent increase in tax revenue. The new rate to take the 4 percent revenue hike is 18.2 cents per $100 value.

If the council chooses the compensating rate, no public hearing is required. Either of the other tax rate choices will trigger a requirement for a public hearing on the tax rate change.

Tonight’s meeting begins at the new time of 6 p.m. in the council chambers adjacent to the Rec. Center on Xavier Drive.

-30-

Comments are closed

Archives