Covington’s property tax rate will remain the same for the fifth year in a row.
City freezes assessment for 5th year in a row
COVINGTON, Ky. – Covington’s property tax rates for calendar year 2021 will remain the same for the fifth 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, 2019, and 2020.
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 for the year, and the owner of a $70,000 home would pay $228.90.
The rates were the recommendation of Interim City Manager Ken Smith after discussion with Finance Director Muhammed Owusu and others.
“Taxes are the people’s investment in public safety, roads, housing, and job creation,” Smith said. “It’s how we pay for services. But we also have an obligation to keep those rates as low as possible. Thanks to careful budgeting, Covington sees no need to increase its property tax.”
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.
Covington’s property tax bills will be mailed by Sept. 15 and payment is due by Oct. 15.
Owners have five different ways to pay, as seen HERE
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