Daviess County Fiscal Court approved a slightly lower real property tax rate for the upcoming fiscal year, while leaving the personal property tax rate unchanged.
The real property tax was reduced by one-tenth of a cent to 13.4 cents per $100 assessed valuation. The personal property tax rate will stand at 16.37 cents per $100 assessed valuation.
“This year the real property tax rate dropped from 13.5 cents per $100 to 13.4 because the Court decided to take the compensating rate,” County Treasurer Jim Hendrix said. “Tangible personal property was allowed to be about 17.57 [cents] under the calculation we used. However, the Court has decided to leave the tangible personal property rate alone at the current rate, which is 16.37.”
Hendrix explained during the first reading that the compensating rate would achieve “approximately the same revenue that we received last year,” which Judge-Executive Al Mattingly reiterated Thursday.
That revenue excludes property taxes received from new property and potential property value increases as determined by the Daviess County Property Valuation Administrator.
To achieve the compensating rate, the real property tax had to be slightly lower than last year, Mattingly said.
