Boone Co. Fiscal Court Votes To Cut Property Taxes
By Travis Thayer
(Boone County, Ky.) – Thanks to a booming economy, Boone County residents will pay less on property taxes this year.
The Enquirer reports that four elected representatives on the county’s Fiscal Court unanimously voted on August 8 to lower all three types of property tax assessments.
Real property rates charged to homeowners and businesses owning property were lowered from 10.5 cents to 10.4 cents per $100 of assessed value. Now, the owner of a $175,000 median value home will pay $182 in county real property tax this year using the new rate.
Personal property rates also decreased from 12.6 cents to 12.5 cents per $100 assessed value.
Over the past 20 years, population growth along with strong economic development has allowed Boone County to lower property taxes yet again.
According to U.S. Census Bureau estimates, Boone County’s population is at 119,000, up 33,000 people since 2000.
Companies such as Amazon could bring property taxes down even further in the future. Amazon plans to add 2,700 jobs in the county at its new worldwide cargo hub at CVG.
“Because of the economic development and new growth in Boone County we have more taxpayers,” Boone County Judge Executive Gary Moore said. “Because we have more taxpayers we can lessen the tax burden on property owners and businesses.
As result of the tax cuts, Boone County will collect $229,000 less in property taxes this year.