FRANKFORT, Ky. (WDRB) - The Kentucky Department of Revenue has set the 2016 State Real Property Tax Rate at 12.2 cents per $100 of assessed value. Kentucky Revised Statute 132.020 requires the Department of Revenue to set the real property rate no later than July 1 of each year.
This rate is based on the revenue generated from the increase in taxable real property assessments from 2015 to 2016 as calculated after meeting the requirements of KRS 132.020 and KRS 133.110. Because the total real property assessment increase for 2016 did not exceed 4 percent, the state rate will remain the same as the 2015 rate, 12.2 cents per $100 of assessed value.
All of the revenue generated from the state property tax rate will go into the state's general fund.
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