Covington’s property tax rate will remain the same for the fourth year in a row.
Rate kept the same for 4th year in a row
COVINGTON, Ky. - Covington’s property tax rates for calendar year 2020 will remain the same for the fourth year in a row.
The Covington City Commission on Tuesday approved rates of 0.327 for real estate and 0.349 for personal property - the same as the rates for calendar years 2017, 2018, and 2019.
The rate translates to $3.27 per each $1,000 in assessed value of real estate. For example, the owner of a $100,000 home would pay $327, and the owner of a $70,000 home would pay $228.90.
The rates were the recommendation of City Manager David Johnston after months of discussion with Finance Director Muhammed Owusu and others.
“What with pension mandates from the state and the challenges of the pandemic, we’re accustomed to holding the line on spending and treating tax revenue as a sacred investment, so that’s what we’ll continue to do,” Johnston said. “Tax increases should be reserved for desperate, last-resort situations - and if we ever ask for one, it’s because we’re in such a situation.”
As approved, Covington’s property tax rates - seen on a historical basis - are less than half as high as they were in the 1970s.
The property rates place Covington in the middle of the pack among Kenton County cities, given that half of those cities also have separate and additional ad valorem assessments for street repairs, recreation, and fire/EMS. Covington has none of those separate assessments.
Because the pandemic delayed assessment information, taxes are being sent out and are due back two weeks later than normal.
Covington’s property tax bills will be mailed by Oct. 1 and are due by Oct. 31, although - because that falls on a weekend - payments postmarked by Monday, Nov. 2, will be accepted. Owners have five different ways to pay, as seen HERE
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