Erlanger is lowering its property tax rates for an eleventh year in a row, with plans to use some of the proceeds to fund park maintenance and improvements involving Eons Adventure Park.
City Council approved the measures to lessen property taxes at its meeting Tuesday evening after moving forward with a first reading on Aug. 26. The new rates will be $0.244 per $100 of valuation ($2.44 per $1,000) for real property and $0.178 per $100 of valuation ($1.78 per $1,000) for tangible property.Â
Real property refers to real estate, including residential houses and business office buildings and facilities. Tangible property, or personal property, refers to movable assets that aren’t real estate.Â
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 previously imposed property tax rates stood at $0.247 per $1,000 of valuation for real property and $0.198 per $100 of valuation for tangible property.Â
Twelve percent of all real estate tax revenue will be allocated to the Park Improvement Fund, established in 2021 to support the maintenance of city parks.
The new property tax rates will go into effect on Oct. 1. Residents who pay their bill before Nov. 1 can receive a 2% discount. Those who don’t pay their bill by the end of 2025 will be charged a 20% penalty with interest.