Owensboro Public Schools is expected to lower its property tax rate for the upcoming fiscal year, but the district would still see an increase in revenue due to a rise in property values.
The Fiscal Year 2020 property tax rate was 86.6 cents per $100 assessed value for real and personal property. It produced a revenue of roughly $12.6 million.
The proposed rate for this year is 84.9 cents and would produce an estimated revenue of roughly $13.4 million — with nearly $1.5 million coming from new and personal property.
OPS Chief Finance Officer John David Sandefur said the rate has not gone down since he took the position, but knows it does happen on occasion. He said the rates are based off calculations done by the Kentucky Department of Education using valuations from the property valuation administrator.
“This will still create significant revenue for the budget,” Sandefur said of the lower rate. “It is uncommon but it is contingent upon those valuations that come in.”
A public hearing will be held at 4:45 p.m. Thursday at the OPS Central Office at 450 Griffith Ave. to hear public comments about the property tax rate. A regular Board meeting will follow at 5 p.m., during which a vote will be held regarding the proposed rate.
