Daviess County Fiscal Court on Thursday heard the first reading of an ordinance that would slightly decrease property tax rates for the 2024-25 fiscal year.
Fiscal Courts’ meeting was held in Blandford Hall at Owensboro Community and Technical College due to the ongoing renovations in the Fiscal Court.
County Treasurer Jordan Johnson noted that the Department of Local Government outlines two primary calculated rates: compensating rates, and a rate allowing a 4% increase in revenue from the prior year.
Johnson said that County officials found it appropriate to adopt the 4% rate, which would ultimately result in a decrease.
County Treasurer Jordan Johnson said the proposal calls for a decrease in rate from 13 cents to 12.9 cents per $100 of assessed value, which would still allow for a 4% increase in revenue in the upcoming fiscal year.
Johnson explained that the rate calculations are trending downward because real property assessments are increasing. He said assessments increased last year by approximately $375,000, and this year they went up by about $405,000.
“The end result is that property taxes are lowered, and no tax rates are increased for 2024, as was assumed when compiling the FY 24-25 budget,” he said.
Johnson said the proposal includes the following tax rates for Daviess County:
- Real property: 12.9 cents per $100 of assessed value
- Tangible Personal Property: 13.8 cents per $100 of assessed value
- Assessed Value: 17 cents per $100 of assessed value
- Motor Vehicles and Watercraft: 17 cents per $100 of assessed value
With these rates, Johnson said the 2024-25 fiscal year budget will not negatively impact future fiscal years.
There was no vote on the ordinance as this was the first reading.
