Boone County Fiscal Court Lowers Multiple Tax Rates
On August 8, 2017, the Boone County Fiscal Court voted unanimously to lower three separate tax rates for the citizens of Boone County. The following three tax rates were lowered: Real Property, Personal Property, and the Motor Vehicle Tax rate.
The 2017 rates were set as follows: Real Property tax rates were lowered from 10.5 cents per $100 assessed value to 10.4 cents, Personal Property rates were lowered from 12.6 cents per $100 assessed value to 12.5 cents and the Motor Vehicle tax rate will be lowered from 15.2 cents per $100 assessed valued to 14.2 cents.
“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 delivering quality services while lowering taxes. These are influential factors that make Boone County so attractive to so many people and businesses.”
Kentucky’s counties have several options annually for setting tax rates. Kentucky law allows counties to maintain current rates, adopt a rate that produces revenue equal to the previous year or increase the property tax rates to produce up to a 4% increase in revenue.
Over the past 20 years, Boone County has lowered the Real Property tax rate from 12.4 cents/ $100 to 10.4 cents per $100.