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For the second consecutive year, property tax bills in Taylorsville and Spencer County aren’t going up.
If the city and county each approve their current proposals, citizens won’t see any change, with the exception of the personal property tax rate in the county, which will be lowered.
City tax rates
At a special meeting Wednesday, the Taylorsville City Commission voted 4-0 to leave its real property rate and personal property rate the same as last year.
This means the real property rate will stay at 14.8 cents per $100 of assessed value. For example, a person whose house is valued at $100,000 will pay $148 to the city.
The city’s personal property rate is proposed to remain at 19.76 cents per $100 of assessed value.
Mayor Don Pay made a motion to keep both rates the same as last year. That motion was seconded by Commissioner Nathan Nation.
The motion passed 4-0. Commissioner Beverly Ingram had to work Wednesday and arrived at the meeting after the vote was taken.
“I know we’ve got a city to run, and we’ve seen everything else go up,” Pay said. “And our expenses go up, too. But we can help by not adding to that.”
The city will host a public hearing on Sept. 4 at 4:30 p.m. for the purpose of obtaining public comment. The hearing with be in the City Hall Annex.
This is the fifth consecutive year the City Commission has not raised the real property tax rate, and the eighth consecutive year the real property tax has been lowered or left at the same rate.
The personal property tax rate has been lowered or left the same for six consecutive years.
Before this year’s tax rates are made official, the Commission must approve a tax rate ordinance. The first reading of which is scheduled for its regularly scheduled meeting on Sept. 4 at 5 p.m.
County tax rates
During its regular meeting Monday evening, the Spencer County Fiscal Court voted 6-0 to leave its real property tax rates the same as during the last tax year. The court also voted to lower the personal property tax rate.
This means the real property rate will stay at 8.8 cents per $100 of assessed value. For example, a person whose house is valued at $100,000 will pay $88 to the county.
The county’s personal property tax rate will be reduced to 8.8 cents per $100 of assessed value.
Judge-Executive Bill Karrer recommended the county lower its personal property tax rate to keep it in line with the real property rate, even though it could mean receiving less money than last year.
Based on the same rates last year, the county collected $824,996.37. However, as usual, the county did not collect 100 percent of the taxes owed.
With the same rate this year, if the county collects 100 percent, it will receive $893,392, but counties rarely, if ever, collect 100 percent.
The Fiscal Court will hear the ordinance on second reading at its next meeting, which is Sept. 5 at 9 a.m. in the Fiscal Court meeting room.