Owensboro Public Schools is proposing to slightly reduce the district’s tax rates for the new fiscal year, while Daviess County Public Schools is proposing to keep their rates unchanged. Despite the increase in property assessments, officials say the proposed rates will still generate additional tax revenue for each district.
DCPS
The Daviess County Public Schools Board of Directors plans to keep the district’s tax rates unchanged for the new fiscal year. Despite the increase in property assessments, officials estimate the current tax rate will still generate $1.7 million in additional tax revenue for DCPS.
The proposal calls for keeping general tax levies at 71 cents for real property and 71.5 cents for personal property per $100 of assessed value for the 2024-25 school year. Those rates have remained unchanged since the 2021-22 fiscal year, according to DCPS Finance Director Sara Harley.
These rates are expected to raise $50,753,387.25, up from $47,025,689.20 last year. Of the expected revenue for 2024-25, $6,635,513.67 will come from new and personal property.
While tax revenue is expected to increase by about $3.7 million, Harley said that figure includes uncollectible taxes. She said the actual amount DCPS can collect would add about $1.7 million more to the general fund budget than last year and about $467,000 more to the building fund.
Harley said the increased revenue would help offset additional budget expenses as well as a 4% salary increase for all employees for 2024-25 previously approved by the board.
A public hearing on the proposal will be held on August 22 at 4:15 p.m. before the DCPS Board of Education meeting.
OPS
The Owensboro Public Schools board plans to slightly reduce the district’s tax rates for the new fiscal year. Despite the higher property assessments, officials estimate the lower tax rate will still generate about $700,000 more in tax revenue for OPS.
The proposal would reduce the general real and personal property tax levy to 85.1 cents per $100 of assessed value for the 2023-24 school year, less than the real and personal property tax rates of 86.8 cents for the 2023-24 fiscal year.
The new tax rate is expected to raise $16,232,123; last year’s tax rate was $15,518,301.90. Of the expected revenue for 2023-24, $1,649,336 comes from new and personal property.
The expected increase in revenue of $713,821 over the previous year is as follows: collections costs $10,707, building funds $39,260, and tuition $663,854.
A public hearing on the proposal will be held on August 29 at 4:45 p.m. prior to the OPS Board of Education meeting.
