The City of Owensboro is considering a slight decrease in the real property tax rate for the new fiscal year.
The proposed real property tax rate — also known as real estate or property tax rate — is 26.10 cents per $100 of assessed valuation, with officials estimating that would bring in about $11.48 million in revenue.
The proposal is down slightly from last year’s rate of 26.4 cents. This would mean a property assessed at $100,000 would pay $261 in property taxes instead of $264 this fiscal year.
“A nominal decrease, but it is a decrease nonetheless,” City Manager Nate Pagan said.
The personal property tax is proposed to be 28.25 cents per $100 of assessed valuation, officials estimating that would bring in nearly $1.28 million in revenue.
The vehicle rate is proposed to remain at 30.30 cents per $100 evaluation, which is estimated to produce about $1.36 million in revenue.
The proposal received its first reading during Tuesday’s City Commission meeting, so no vote was taken.
