Fort Wright City Council held its first reading this week of the proposed 2025-2026 property tax rate.
The real property tax rate will decrease, and the personal (“tangible”) property rate will stay the same at 3.85%.
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 proposal this year is a fairly substantial tax cut,” Fort Wright Mayor Dave Hatter said. “As a whole, revenue is up and expenses are relatively static.”
The 2024-2025 real property tax rate was 2.15%, which was a decrease from the year before. The proposed 2025-2026 tax rate is 1.99% percent.
“That is a 7.44% cut from last year’s rates,” Hatter said. Every Fort Wright resident will receive a copy of their tax bill with the new rate in November of this year.