This story was written by Lia Salvatierra, our new Education Reporter. Find more of Lia’s reporting here. Do you have an NKY education story? Email lsalvatierra@linknky.com.
Erlanger-Elsmere Independent School District taxpayers will likely not see any changes to their property tax rates, even as the district plans to generate more local revenue.
The district’s board of education voted to propose upholding the current rates —94.5 for both real and personal property — at an Aug. 13 regular meeting.
That translates to $945 in tax revenue for every $100,000 worth of property.
Those are the same rates for the district as last year. But under new state rules, districts must propose and advertise rates for two weeks before the board can officially adopt them at a public hearing — even if they are the same as the prior year.
Though the rates would hold, they would generate $540,000 more property tax revenue compared with last year, based on the state’s assessment of property values in the district.
According to a public notice from the district, the majority of additional revenue will go toward the cost of instruction.
A district’s property value assessment also affects how much money it receives from the state.
Under the state’s school funding formula, higher property values reduce state funding and lower property values increase state funding. Other factors like attendance also play into the formula and determine the district’s final share of state funding.
Real property includes land and its associated structures and property rights.
Personal property includes items used for business or commerce, including inventory, raw materials and office supplies.
Find more detailed information on how school property taxes work here.
Lia Salvatierra is a journalist with Report for America, a service program that helps boost coverage of underreported topics and areas throughout the United States. To help LINK nky continue to provide this kind of reporting, you can make a tax-deductible donation here.
