Fayette County Board of Education votes to increase property tax rates

Fayette County Board of Education.PNG
Posted at 11:06 PM, Sep 08, 2022
and last updated 2022-09-08 23:06:32-04

LEXINGTON, Ky. (LEX 18) — Fayette County Public Schools (FCPS) reports that the Fayette County Board of Education voted to increase property tax rates for the 2022-2023 fiscal year.

The tax rate will increase for homeowners from 80.8 cents per $100 of assessed value to 83.3 cents per $100 of assessed value.

FCPS says that this new rate will allow the board to borrow $540 million to fund school facilities projects.

“Every student in the Fayette County Public Schools deserves to learn in a building that prepares them for the future,” said Fayette County Board of Education Chair Tyler Murphy.

FCPS says that the school boards are required every year to set local property tax rates that fund their public schools.

“With the support of our community, the board will move swiftly to tackle the projects on our list to improve the learning environments for our students and the working environment for our employees,” Murphy said. “We are committed to transparency, open communication, and engagement with all stakeholders as we move forward.”