First reduction in years takes effect this November
LOUISVILLE, KY (August 24, 2015) – Citizens in Louisville will see a slight reduction in their property tax rates starting this year, Metro Government’s Office of Management and Budget announced today.
“The real estate market and property assessment values are improving, and we continue to see higher employment rates,” said Metro Chief Financial Officer Daniel Frockt. “These tangible results have led to the first property tax rollback in years.”
A property tax ordinance filed today to Metro Council will move the Urban Service District real property tax rate from 36.66 cents per $100 assessed value to 35.38 cents – a savings of $12.80 per $100,000 of assessed property value. The last time the Urban Service District real property tax rate was reduced was in 2009.
The Metro real property tax rate that applies to the entire county will move from 12.55 cents per $100 assessed value to 12.54 cents – the first reduction in eight years. This amounts to a 10 cent savings for every $100,000 of assessed property value.
Property taxes fund approximately 25% of the city’s budget.
Once Metro Council approves the proposed reduction, citizens will see the reduced rate on their next property tax bill released by the sheriff in early November.
