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2020 State Real Property Tax Rate unchanged at 12.2 cents By Jill Midkiff Frankfort, KY - The Kentucky Department of Revenue (DOR) has set the 2020 State Real Property Tax Rate at 12.2 cents per $100 of assessed value. Kentucky Revised Statute 132.020 requires DOR to set the real property rate no later than July 1 of each year. The state property tax rate is based on the revenue generated from the increase in taxable real property assessments from 2019 to 2020. If the increase in revenue is more than 4 percent after the exclusion of both new property added to the tax roll during 2019, and the property subject to Tax Increment Financing, then the prior year's rate must be reduced. Because the assessment increase for 2020 is estimated at 3.12 percent, the state rate will remain the same as the 2019 rate; 12.2 cents per $100 of assessed value. All of the revenue generated from the state property tax rate is deposited into the state's General Fund. This story was posted on 2020-07-02 13:27:56
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