|
Finance and Administration Cabinet
2007 state property tax rate set at 12.4 cents
FRANKFORT, Ky.–The Kentucky Department of Revenue has set the 2007 State Real Property Tax Rate at 12.4 cents per each $100 of assessed value. KRS 132.020 requires the Department of Revenue to set the real property rate no later than July 1 of each year.
This rate is based on the percentage increase of taxable real property from 2006 to 2007. If this increase is more than 4 percent after the exclusion of property newly added to the tax roll during 2007, then the prior year rate must be reduced to limit the revenue increase to 4 percent. Since the assessment increase for 2007 is estimated at 6.8%, the state rate must decline from 12.8 to 12.4 cents per $100 of assessed value.
-30-
|