The Owensboro City Commission voted unanimously Tuesday night to approve a slight decrease in property taxes for the upcoming fiscal year.
The new ordinance, effective from July 1, 2024, through June 30, 2025, lowers the tax rate on real property to 26.10 cents per $100 of assessed value. Personal property taxes will be set at 28.25 cents per $100, and vehicle taxes at 30.30 cents per $100.
The proposal is slightly lower than last year’s rate of 26.4 cents. This would mean a property assessed at $100,000 would pay $261 in property taxes instead of $264 this fiscal year.
The new rates are expected to generate around $14.1 million in revenue, which will go to the City’s general fund to support municipal services such as public safety, infrastructure, and parks.
The ordinance follows state guidelines for property tax assessments and collection. Taxes not paid within a month of their due date will be subject to a 10% penalty, with additional interest accruing until paid.
The new tax rates come after several discussions and a first reading on August 20. The ordinance was officially approved on its second reading on September 3.
