Fort Wright is moving forward on a proposed property tax cut.
The Fort Wright City Council suggested a real property tax rate between $1.85 and $1.87 per $1,000 of assessed value on Wednesday, a 6-7% decrease from the current $1.99 rate and a continuation of a downward trend that has taken the rate from $2.48 in 2023 to $2.15 in 2024 to $1.99 this year.
Council members noted that state law treats tax changes differently depending on size: rates set above a 4% increase can trigger a recall vote, while smaller adjustments stand until the next election cycle.
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?
Officials estimate the lower rate would cut roughly $100,000 in revenue, a gap they say would be offset by other income sources. With the city sitting on about $11 million in reserves, some council members raised the idea of returning money to residents rather than continuing to build up the fund balance, though concerns about future road maintenance costs tempered that discussion.
A public hearing on the tax rate is set for the Oct. 7 council meeting.
