Cincinnati News: Newport Board of Education Proposes Decrease in Property Tax Rates

Cincinnati News: Newport Board of Education's Tax Rate Proposal

The Newport Board of Education is currently evaluating a plan to reduce property tax rates for many of its residents. Currently, the Newport school district's property tax rate stands at $9.64 per $1000 of assessed property value, but this year officials are suggesting a decrease, one that could range from 79.8 to 88.4.

However, b despite the proposed rate cuts, the rise in property assessments, which have increased by 20% to 30% in some neighborhoods, may lead to a potential increase in tax bills for certain homeowners. Superintendent Tony Watts pointed out that this tax rate adjustment does not guarantee a reduction in tax dues for everyone.

Funding Priorities with New Tax Revenue

The school district stands to gain approximately $1.1 million more in revenue from property taxes due to these rising property values, a crucial amount considering the planned completion of phases two and three of the new football stadium at Newport High School. Phase two includes the additions of concessions and restrooms, while phase three involves upgrades to locker rooms, with completion aimed for next year.

Additionally, Kentucky regulations permit schools to request an extra 4% of their prior year's property tax revenue, allowing the Newport School District to fund various projects and pay off existing debt. Watts noted that previous overestimations in property value assessments led to significant budget cuts last year, highlighting the district's need for stable financial planning moving forward. Without proper adjustments, the district could face deficits, especially following costly teacher raises.