Cincinnati News: Newport Board of Education Proposes Property Tax Rate Decrease
Proposed Property Tax Rate Adjustments
In a significant move for residents, the Newport Board of Education is considering a decrease in property tax rates. Currently set at $9.64 per $1000 of assessed value, the proposal suggests lowering tax rates between 79.8 and 88.4. However, not all homeowners will benefit from this reduction as some property assessments have surged by 20% to 30%.
Revenue from Property Taxes
Despite the tax reduction, the district anticipates an increase of around $1.1 million in revenue due to rising property values. These funds are earmarked for critical projects, including phases two and three of the new football stadium renovation at Newport High School. According to Superintendent Tony Watts, phase two involves upgrading concessions and restrooms, expected to conclude by next year.
Budget Considerations
Kentucky schools may also request an additional 4% funding from the previous year's revenue to manage inflationary pressures. This extra revenue will assist the district not only in project completions but also in debt reduction stemming from prior budget cuts. Last year, erroneous property valuations caused a return of approximately $500,000.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.