LOUISVILLE, Ky. (WDRB) -- Jefferson County Public Schools will not seek a property tax revenue increase to balance its 2017-18 budget, according to an advertisement that will run in the newspaper this weekend.
In fact, the school board will be asked on Aug. 22 to lower its tax rate from 70.8 cents per per $100 of assessed value to 70.4 cents, meaning the owner of a $100,000 home would pay about $704 in property taxes to JCPS, about four dollars less than last year.
Acting JCPS Superintendent Marty Pollio said the district must lower the rate or it would exceed the four percent revenue growth allowed by Kentucky law.
This is the second year in a row where the JCPS school board will be asked to lower its tax rate, due to higher property assessments that have generated additional revenue for JCPS. This year, Jefferson County property assessments increased by 5.7 percent, officials say.
Under state law, a taxing district can adjust its rate annually, but the new rate cannot result in its revenue increasing by more than 4 percent. Any increase exceeding 4 percent requires a petition that puts the increase up for a referendum.
A public hearing to discuss the tax rate recommendation will be held Aug. 22 at 5:30 p.m. at the VanHoose Education Center, 3332 Newburg Road.
The new tax rates are expected to generate $487 million for JCPS. Of that amount, $55 million will come from new and personal property taxes.
The district's overall budget for 2017-18 is $1.5 billion, which includes a general fund of $1.2 billion. Overall, approximately $800 million of the general fund -- or approximately 70 percent -- of the district's budget goes directly to schools.
Meanwhile, Oldham County Schools Superintendent Greg Schultz also announced Friday that he will also not recommend an increase to that county's tax rate.
Schultz’s recommendation is that the rate remain 77.7 cents per $100 of assessed property value, the same as last year.
Schultz said current property assessments will yield enough revenue for the district to meet its financial obligations, even though state SEEK funding will decrease this fiscal year.
The public hearing in Oldham County will take place on Aug. 31 at p p.m. at the Oldham County Schools Arts Center.
Reporter Antoinette Konz can be reached at 502-585-0838 or @tkonz on Twitter.
Copyright 2017 WDRB News. All rights reserved.