Covington Independent Public Schools Board of Education discussed the upcoming school year’s property tax rate at their meeting Thursday night.
They also scheduled a public hearing for later in the month so that members of the public could come and share their thoughts about the possible rates. No official action on the rate itself was taken at the meeting.
The board heard a presentation from the district’s Finance Director Annette Burtschy, who had collected data from the previous years’ tax rates, Kenton County property values and the rates of other school districts in the region to inform the board about the possible rates for next year.
According to the finance director, the district brought in about $19 million last year in tax revenues.
The board must decide on whether to keep the same rate as last year, use a compensating tax rate–which would bring in roughly the same amount of money–or increase the tax rate.
District staff recommended the board approve a 4% tax rate increase, which is a typical rate increase for the district. They also recommended an additional so-called “nickel tax,” which would be diverted into a separate school fund for building and facility improvements.
According to district staff, this would mean that residents within the district would pay about $0.03 more per $100 of property valuation than they did last year, which would bring in about $1 million more for the district, assuming a 100% collection rate.
For a property owner whose house is worth $100,000, for example, this would mean they would owe $910 to the district for the school year. Last year, a property owner whose house was worth $100,000 had to pay $895.
The board of education will host a public hearing on the topic on Wednesday, Aug. 30 in Jack Moreland Auditorium at Holmes High School at 6 p.m.
Members of the public are welcome to attend the meeting and participate in discussion about tax rates. The board will then vote to either accept the recommended rate or enact a different rate.
Watch the finance director’s full presentation on the district’s YouTube page.