Fort Thomas approves property tax increase

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Editors note: the original version of this story incorrectly labeled the generated revenue as $6,392.970 it has been edited to reflect the correct amount of $6,392,970.

Fort Thomas City Council approved a proposed property tax rate for the 2023-2024 fiscal year at Monday’s meeting.

The new rate for real property will be $0.348 per $100 of property valuation, generating a revenue of $6,392,970 for the city. This rate equals 4% more than the compensating rate, which is the rate needed to bring in the same amount of tax revenue from the preceding year.

The rate for personal property will also be $0.348 per $100 and it will be $0.3971 per $100 for motor vehicles within corporate limits.

The vote was 5 to 1, with Council Member Andy Ellison voting against the increase. At the last council meeting he expressed concern over whether the comp + 4% increase was necessary, citing the city’s good financial health and the pressures of inflation and other financial concerns on residents.

Need a refresher on tax terminology and procedures? Read our tax explainer.

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