Tax Rate Equalized during County Commission Meeting
Article by W. Clay Crook-
The recent reassessments in the property values by the Comptroller’s Office led to what could have been a .10 cent raise for the property taxes in Henderson County. The county commission passed a balanced budget on June 3, 2019, with the tax rate unchanged at $2.2832 per $100.00 of assessed valued (25% of the total value) At a work session on Monday evening, September 23rd at the courthouse, the county finance officer, Lee Wilkinson, outlined three proposals:
Option #1 would capture all the windfall, or growth, from the new assessments would put the property tax rate at $2.3832, or a .10 cent raise from the property tax approved on June 3rd.
Option #2 would split the difference, raising the property tax by about .5 cents to $2.318.
Option #3 would equalize the windfall from the new property assessments, leaving the same amount of money in the county budget as approved on June 3rd. The new property rate to neutralize the windfall would be $2.1806.
Harold Tyler and Tommy Page both gave reasoning to equalize the windfall, especially as county residents, outside of Lexington, would be facing the new fire tax of .19 cents per $100.00 of assessed property value. Mayor Bray asked the budget committee to consider the options available, proposing that…
For the complete story, see the October 2nd edition of The Lexington Progress.