LOUISVILLE, Ky. (WDRB) -- The Jefferson County Board of Education voted to approve a new property tax for next year during its meeting Tuesday night.
Louisville's largest school district approved a real estate tax rate of 71.7 cents per $100 of assessed value, which is a slight decrease from last year's 73.5 cents. The personal property tax rate will remain at 73.5 cents per $100.
However, Jefferson County Public Schools would still bring in more tax revenue after the potential hike because of higher property values from reassessments in several parts of the county.
Residential property assessments in Jefferson County increased about 7% this year, and newly reassessed areas added what the district called “significant assessment growth.”
JCPS faces a $100 million budget shortfall and recently established a task force to help get its finances back on track.
The district said the change in property tax will generate an additional $36.5 million compared to last year, bringing the district’s total estimated tax revenue to nearly $799 million. About $58.5 million of that will be used for capital projects and paying off bond debt, while the remaining $740 million will go into the General Fund for school operations.
Additional revenue also comes from motor vehicle, personal property and occupational taxes. The occupational tax which applies to people who live and work in Jefferson County hasn’t been changed since the 1970s.
For homeowners, though, the math is simple: even though the tax rate is lower, higher assessments mean JCPS is collecting more of their tax dollars.
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