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KY state real estate property tax remains same for 2017
Rate set by July 1 each year, as required by law. All of the revenue generated from the state property tax rate goes into the state’s General Fund.
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By Glenn Waldrop
Kentucky Department of Revenue
FRANKFORT, KY (30 Jun 2017) - The Kentucky Department of Revenue (DOR) has set the 2017 State Real Property Tax Rate at 12.2 cents per $100 of assessed value, the same as the 2016 rate.
Kentucky Revised Statute 132.020 requires the DOR 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 2016 to 2017.
If the increase in revenue is more than 4% after the exclusion of both new property added to the tax roll during 2016 and property subject to Tax Increment Financing, then the prior year rate must be reduced.
However, the assessment increase for 2017 is estimated at 3.20%, which means the state rate will remain same. All of the revenue generated from the state property tax rate goes into the state’s General Fund.
This story was posted on 2017-07-01 04:20:30
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