Property tax rates drop in the Louisville metro
Property tax rates decline slightly for all Louisville residents, according to the Metropolitan Government’s Office of Management and Budget.
“Despite the impact of COVID-19, our economy continues to build on its pre-virus momentum,” said Mayor Greg Fischer. “A drop in property tax rates is a tangible benefit for our fellow citizens. “
This year, Metro’s county-wide property tax rate will drop from 13 cents per $ 100 of assessment to 12.89 cents, according to a property tax ordinance filed with Metro Council today. This change equates to a saving of $ 1.10 for every $ 100,000 of assessed property value.
The Urban Service District property tax rate will drop from 36.71 cents per $ 100 VA to 35.46 cents per $ 100 VA. This equates to a decrease of $ 12.50 per $ 100,000 of property value.
“The continued growth of our local economy and the continued demand for real estate resulting in growth in property values are the factors contributing to our lower property tax rates,” said Monica Harmon, CFO of Metro.
Property taxes fund about 25 percent of the city’s budget.
The proposed changes to real estate rates represent the 4% growth allowed on the existing property tax base under state Bill 44 and do not require a general public vote.
The proposed rates are in line with the fiscal 22 budget adopted by Metropolitan Council in June, which increased the estimate of property tax revenues from $ 157,030,000 to $ 163,350,000.
Metro residents have the opportunity to comment on the proposed property tax rates during a public hearing on Thursday, September 23 at noon in room 106 of the Metro Hall.
Once the metropolitan council approves the ordinance, the rates go into effect on property tax bills issued by the sheriff in early November.