Independence will likely not change its property tax rates this year.
The City Council performed a first reading of Independence’s 2024-2025 property tax rates at a special meeting on Monday and is expected to perform a second reading and cast a vote on the rates at a meeting in September.
The proposed rates, listed below, are identical to last year’s rates.
- Proposed real property rate: $0.22/$100 of property valuation
- Proposed personal property rate: $0.534/$100 of property valuation
Both of these rates are below the compensating rate. For an explanation of compensating rates and other tax concepts, read LINK nky’s tax explainer below.
Property taxes are broken down into several categories. The first and usually largest chunk of your tax bill is real property tax, sometimes referred to as real estate property tax. This is essentially a tax on everything you own that’s nailed down. For residents, this means houses and other real estate property. For businesses, this means office buildings and other buildings and facilities used to conduct business.
Tangible personal property, on the other hand, is another form of property that isn’t real estate. Depending on where you live, residents may not be taxed on personal property at all–this will vary by jurisdiction.
Depending on where you live, other tax-adjacent fees may apply.
How do property taxes work?
The second reading will take place on Wednesday, Sept. 18, at 7 p.m. at the Independence City Building on Madison Pike.