COVINGTON, KY – On Tuesday evening, the Board of Commissioners approved the City’s 2016 property tax rate, keeping it the same as 2015. City staff recommended maintaining the same property tax rate as last year since increased property values will result in additional revenue.
At the meeting, Assistant Finance Director Dave Mathews presented on the property tax rate explaining the positive impact the increased property values have created for the City.
He noted that taxable real property had increased by $28,463,848 over the last year; as well as taxable personal property, increasing by $12,043,781.
As a result of the rise in property values, the City anticipates an additional $25,183 in property tax revenue above the adopted budget for fiscal year 2017.
Upon its approval, the property tax rate was affirmed at $.3130 per $100 for real property and $0.3332 per $100 for personal property.
At the meeting, Director of Finance & Operations Lisa Desmarais noted the advantages of the City’s recommendation. She stated, “These positive outcomes further emphasize that the City’s increased property values are more than just numbers. They are an example of investment in the City paying off to create a place where people want to be.”
The results of the increased property values reiterate the City and the community’s interest and desire to invest in the City of Covington.
This is in part due to the City’s ongoing efforts to strengthen neighborhoods, remain fiscally responsible, expand its economic development and proactively address public safety issues.