The Kenton County Fiscal Court is looking to lower its two primary property tax rates for this fiscal year.
The county commissioners performed a first reading of the new rates on Tuesday evening. They will then vote on the new tax rates at their meeting on Sept. 8 at the Historic Kenton County Courthouse in Independence.
The proposed real estate property tax rate for this year is $0.113 per $100 of property valuation. That’s a reduction from last year’s rate of $0.115 per $100 of property valuation. This new rate is what’s called a compensating rate, meaning it will bring in the same amount of revenue to the county as last year.Â
The tangible property tax rate is also going down from $0.16 to $0.156 per $100 of assessed property.Â
Real estate property taxes are levied against homes and commercial real estate. Tangible property (also called personal property), on the other hand, is taxed against equipment and other movable property, essentially anything that’s not nailed down. Tangible property taxes tend to affect businesses more than residents.
The county also levies a tax on boats and other watercraft. That rate, $0.158 per $100 of assessed value, is not scheduled to change.Â
Read LINK nky’s explainer below to learn more about how property taxes work.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?
