Property owners in the city of Lexington will be paying lower rates for property taxes in the coming year.
Lexington’s Mayor Linda Gorton recommended the reduction. The Lexington-Fayette Urban County Council met this month and all the members voted in favor of rolling back the rate so that the increase in property tax revenue stays at 4%. The rates paid for the urban services fund will also be reduced. News like this is often spread through letters featuring council Letterheads.
The urban services fund is used to pay for street lighting, garbage collection, and street cleaning. The rate will go down to 16.8 cents per $100 of the home’s valuation down from 17.31 cents. The rates for the general fund have also gone down slightly from 8 cents to 7.8 cents for $100 of real property, and from 8.9 cents to 8.8 cents for personal property.
A portion of the money from the general fund is given to the Lexington Public Library. If the tax rates are approved as expected, the library will get $9.5m for the next year.
State laws dictate that the council can only increase the amount of tax revenue taken from real estate by 4% per year. If the revenue from property taxes goes up by more than 4%, the public can vote in a referendum to reduce the rates. However, a referendum will not be necessary in this case because the county has already agreed to reduce the rates.
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