Despite decreasing this year’s proposed tax rate, the Campbell County Board of Education is expected to generate more revenue.
The board of education voted to approve the 2023-24 proposed general fund tax rate of 60.5 cents on real property and 61.8 cents on personal property, with a 4% compensating rate, which is projected to produce revenue of $31,038,911 for the current year, based on a collection rate of 100%.
The 4% rate is $605 per $100,000 property value. This is a reduction from last year’s rate of $645 per $100,000.
The new rate nets a savings of $37 per $100,000 of assessed real estate value for local taxpayers. In the last fiscal year, the general fund tax rate levied was 64.5 cents on real property and 65.0 on personal property and produced a total revenue of $28,606,887 at a 98% collection rate.
Kentucky regulates how much municipalities can raise tax rates in any given year; if they’re going to raise rates significantly, that new rate will be subject to recall if it is over 4% of the compensating rate. For a comprehensive explanation of how these tax rates work, read LINK nky’s tax explainer here.
According to the school district, the general areas to which the estimated tax revenues will be allocated are instruction, cost of collections, technology, transportation, building funds, maintenance of plant, and teacher and staff salaries.
“Despite receiving the second lowest SEEK revenue per pupil and the fourth lowest real estate tax rate, compared to the 17 greater NKY districts, Campbell County Schools continues to strive to shine as one of the highest-performing districts locally and nationally and will provide a world-class education, with innovative pathways and spaces for all students,” the district said in a new release.