Property tax rates drop slightly in Louisville Metro - wave3.com-Louisville News, Weather & Sports

Property tax rates drop slightly in Louisville Metro

Property taxes fund about 25 percent of the city's budget. (Source: Flickr.com) Property taxes fund about 25 percent of the city's budget. (Source: Flickr.com)

LOUISVILLE, KY (WAVE) - Property taxes are going down again slightly in Louisville Metro, the city's mayor and chief financial officer announced on Wednesday.

The real property tax rate that applies to the entire county will drop from $12.54 per $100 assessed value to $12.45 cents, which amounts to a $.90 savings for every $100,000 of assess property value, Mayor Greg Fischer's press office said in a statement.

A property tax ordinance filed Monday with Metro Council leaves the Urban Service District real property tax rate at $35.38 cents per $100 assessed value. That rate was reduced last year for the first time since 2009.

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Both continue to represent the lowest tax rates on real property since the city-county merger in 2003, according to the mayor's office.

“The rate reduction reflects a continued strong real estate market consistent with our locally expanding economy,” Louisville Metro CFO Daniel Frockt said. 

Property taxes fund about 25 percent of the city's budget.

Citizens can comment on the proposed property tax rates during a public hearing a noon on Thursday, August 25 in room 106 at Metro Hall. Once Metro Council approves the ordinance, the rates take effect on property tax bills released by the sheriff in early November.

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