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Fayette County Board of Education considering new tax rate options

Fayette County Board of Education.PNG
Posted at 8:14 AM, Sep 01, 2022
and last updated 2022-09-01 08:37:35-04

LEXINGTON, Ky. (LEX 18) — Fayette County Public Schools are working to decide between two tax rates that will either raise or lower property taxes in the next year.

The two options would mean the difference of hundreds of millions of dollars for Fayette County schools construction projects now and for years to come.

"Each year, school boards assess where they stand now and then look at the planning for the rates in the upcoming fiscal year," said Tyler Murphy, chair of the Fayette County Board of Education.

Murphy said the board hopes to get plenty of input from taxpayers on the issue. There are two options. The first option would be a tax cut from 80.8 cents per 100 dollars of appraised home value to 78.5 cents. To make the math simple, that would mean the owner of a $100,000 home would pay $23 less per year. The board could also raise the rate to 83.3 cents, which would mean that same homeowner would pay $25 more per year.

The board says the higher tax rate would give them $540 million for facilities, allowing them to begin 12 construction projects funded through 2037 and beyond. The lower tax rate would bring in $188.5 million for facilities, allowing them to do three construction projects, then nothing else until 2037. The board wants to know what Fayette Countians think.

"What we hope to learn is getting a sense of where the community sits as we assess our current rates and then plan for the future," Murphy said.

There will be a meeting where taxpayers can express their opinions at 6 p.m. Thursday, September 8 at the John D. Price Administration Building.

"Our priority, of course, will be serving the best interests of the children of Fayette County and making sure we're setting up Fayette County Public Schools for success and that we're preparing our students to excel in a global society," Murphy said.